Emaar MGF, Travel Inn JV to invest $600 mn

New Delhi, June 19: Real estate developer Emaar MGF has entered into an equal joint venture with UK's largest hospitality company Premier Travel Inn with an investment of upto 600 million dollars.

The JV will develop and operate 80 limited services hotels positioned between business and budget category under the brand Premier Travel Inn, a subsidiary of Britains Whitbread Plc, over the next 10 years in the country.

The hotel is expected to add around 12,000 hotel rooms priced between Rs 2,400 and Rs 3,600 offered both for the business and leisure travelers, the company said today.

''This alliance is in line with our hospitality plans and will introduce a new category of affordable class of branded hotels for the Indian traveler looking for best amenities at reasonable price points,'' Emaar-MGF Executive Vice Chairman and Managing Director Shravan Gupta said.

Alan Parker, Chief Executive, Whitbread Plc said, ''Our subsidiary will fill the gap in India's hotel market by providing a high quality branded budget hotel product, and our aim is to offer customers with a consistent choice whether in the UK or India.'' This will be Premier Travel Inn's second international market.

A joint venture with Emirates was announced last year to develop the brand in the Gulf region, with its first site in Dubai currently under construction which is due to open in Spring next year.

Emaar MGF last year tied up with Accor, a global player in economy and budget hotels, to bring 100 Formule One hotels in India at an investment of 300 million dollars.

Whitbread Plc is the UK's largest hospitality company, managing market leading businesses in the budget hotels, restaurant and health and fitness sectors, including Premier Travel Inn, Brewers Fayre, Beefeater and Costa.

Premier Travel Inn is the UK's biggest hotel brand with over 480 hotels and more than 32,600 rooms.

UNI