|NEW DELHI, India, November 27, 2006 - As part of its global
development strategy aiming at opening 200,000 new hotel rooms by 2010,
of which 60% in emerging markets, Accor has signed today significant partnerships
that trigger a major expansion in India. This expansion plan covers the
full spectrum of the hotel market in India, including budget Formule 1
hotels, economy Ibis hotels, mid-market Novotel hotels and upper-upscale
Budget and Economy Hotels: Formule 1 and Ibis
Gilles Pelisson, Chief Executive Officer, Accor, and HE Mohammed Ali Alabbar, Chairman, EMAAR Properties, signed today an agreement to develop 100 Formule 1 hotels in India. This agreement will involve a joint investment of US$300 million in phases.
These hotels will be located in city locations and will feature upwards of 80 rooms with en suite bathrooms, restaurant and a 24-hour reception service . Sites for the hotels are currently being finalized and 10 hotels are scheduled to open in the next two years.
Accor's partner, the Dubai-based EMAAR group, is one of the world's largest property developers, who has worked with Accor on a number of projects in the Middle East. The EMAAR group has already developed in India the Novotel Hyderabad and Hyderabad International Convention Centre that Accor manages.
Near Hitec City
Moreover, Accor and its joint-venture partner InterGlobe are also developing a network of Ibis hotels around the country. Projects include, in addition to a complex combining Ibis and Novotel in Bangalore (380 rooms), hotels in five key business centres - Gurgaon, Mumbai, Pune, Jaipur and Hyderabad.
By the end of 2007, Accor and InterGlobe expect to have up to 15 Ibis
hotels (2,700 rooms) under development, for a total investment of US$ 180
The Indian outbound market is also very important for Accor's global
network, and we will be able to grow our market share through greater visibility
of our brands across India. There is currently a very large shortage of
international-standard accommodation in India: Accor's unique experience
across the full range of hotel accommodation styles will be an immediate
and significant answer to it."
"Accor successfully launched the Hyderabad International Convention Centre and the adjacent Novotel this year," he said. "We believe that we have the partners, the expertise and the brands to build a substantial network in India. The industry is predicted to grow at an annual rate of at least 9% over the next 10 years, double the rate estimated for overall world tourism growth. With such a strong economy, growth in new airlines and the Government's commitment to accelerate infrastructure development, India offers remarkable potential for growth in business and leisure tourism."
Accor Services: activities in India
|Also See:||Emaar Properties Awards Accor the Management Contract for Novotel Hyderabad, the First New Build Novotel for Accor in India / May 2005|
|Accor and InterGlobe create Joint Venture for Hotel Development and Management in India; Plan to Develop 25 Ibis Brand Economy Hotels Across India / March 2005|