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The hotel group has agreed to a joint venture company with DLF Ltd to develop 75 properties in India
Hilton Hotels Corporation will create a joint venture company with Delhi-based DLF Ltd, one of India”s leading real estate developers. Between them they plan to develop 75 hotels and serviced apartments over the next seven years. The deal awaits formal written approval from the Indian Government.
The joint venture portfolio will comprise of a number of Hilton brands, and the majority of the hotels are expected to be business travel orientated Hilton Garden Inns. Other brands expected to be developed include Hilton Hotels, Homewood Suites by Hilton and Hilton Residences.
DLF Ltd is expected to own 74% of the company, and Hilton will retain the remaining 26%. The hotel group plans to invest $143m (£73.4m) in the joint venture over the next five to seven years.
The first developments in the new venture will be 20 hotels in locations such as Chandigarh, Chennai and Kolkata.
Hilton Hotels Corporation executive vice president and Hilton International Operations CEO Ian Carter told ABTN: ”This partnership is a significant step in Hilton's international expansion plans as it represents our first major development since the acquisition of Hilton International by Hilton Hotels Corporation. Partnering with a key player like DLF allows us to quickly establish a significant presence within the Indian market and build a platform for continuing the growth of our family of brands.”