Real Estate Chandigarh

Residential and Commercial properties in Chandigarh..

04 December 2006

Hilton-DLF venture to spend over Rs 600 cr

Global hospitality chain Hilton Hotels will form a joint venture with real estate company DLF Limited to build 75 hotels and service apartments over the next seven years in the country.
The joint venture firm, which will be 74 per cent owned by DLF, will invest Rs 643 crore over the next five to seven years.

Initially, 20 hotels will be built in cities like Calcutta, Chandigarh and Chennai.
The chandigarh properties will sport brands such as Hilton Hotels, Hilton Garden Inn, Homewood Suites by Hilton and Hilton Residences.
“India is an outstanding market for hotel development, given its powerful combination of economics and demographics,” said Ian Carter, chief executive officer of Hilton International Operations.

Hilton said the deal needed a formal written approval from the government. Last week, the cabinet committee on economic affairs (CCEA) approved the proposal.
Union finance minister P. Chidambaram said Hilton had also been allowed to form a separate wholly-owned subsidiary at an investment of Rs 130 crore for the operation and management of its hotel business in India.

The Foreign Investment Promotion Board (FIPB) had cleared the proposal after putting it on hold initially since the foreign investor did not have a no-objection certificate (NOC) from its JV partner, the Oberoi group, with which it has a marketing agreement.
“Since the foreign investment exceeded Rs 600 crore, the FIPB sent the proposal for the CCEA clearance,” said Chidambaram.

Source ://
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