HILTON Hotels Corporation (HHC) has announced a joint venture company in India with DLF Limited to develop and own 75 hotels and serviced apartments over the next 7 years.
The formation of the joint venture is pending receipt of formal written approval from the Government.
The JV-owned hotels will represent several HHC brands, including Hilton Hotels, Hilton Garden Inn, Homewood Suites by Hilton and Hilton Residences. DLF will hold 74 per cent in the JV, and Hilton will hold the remaining minority stake. Over the next 5 to 7 years, Hilton will invest up to $143 million in the JV, before consideration of debt.
The initial stage of the joint venture will involve 20 hotels in a number of key locations including Chandigarh, Chennai, and Kolkata.