Press Release Source: Hilton Hotels Corporation
Hilton Hotels Corporation Aims to Form One of the Largest International Hotel Chains in India with DLF
Tuesday November 28, 4:00 am ET
Hilton Hotels Corporation - DLF Joint Venture to Build 50 to 75 Hotels and Service Apartments over 7 Years
-- Joint venture will develop and own multiple hotels in India
-- First significant international expansion opportunity for Hilton Garden Inn outside North America
-- Hilton to manage hotels
BEVERLY HILLS, Calif.--(BUSINESS WIRE)--Hilton Hotels Corporation (NYSE:HLT - News) today announced they will create a joint venture company (JV) in India with DLF Limited (DLF). The joint venture company plans to develop and own 75 hotels and serviced apartments over the next seven years. The formation of the joint venture is pending receipt of formal written approval from the Government.
The JV-owned hotels will represent several brands from the Hilton Hotels Corporation portfolio, including Hilton Hotels, Hilton Garden Inn, Homewood Suites by Hilton and Hilton Residences. The JV Company will develop and build these properties, while Hilton will manage them.
DLF will hold 74% in the JV Company, and Hilton will hold the remaining minority stake as a symbol of its commitment to the venture. Over the next five to seven years, Hilton will invest up to USD 143 million in the JV Company, 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. A large number of these hotels are expected to be Hilton Garden Inn properties -- a business hotel brand, offering focused service. Beyond the initial 20 sites, the JV Company will continue to identify and acquire sites and undertake new hotel developments.
Ian Carter, Executive Vice President, Hilton Hotels Corporation and CEO of Hilton International Operations, explained the attraction of the Indian market: "India is an outstanding market for hotel development, given its powerful combination of economics and demographics. Hilton will build on its collective experience in India and the opportunity with DLF is a compelling next step to capitalise on the development momentum and build our Hilton Family of Brands in India."
Shakti Singh, Director, Hospitality Business, DLF, said, "We are very excited about this venture with Hilton. We see tremendous opportunities for growth in the hospitality sector in India, given the attractive tourism and business avenues unfolding in the country. Through this strategic partnership, we are confident of bringing world-class hospitality and services across the country, further strengthening the benchmarks that DLF has established as a pan-Indian developer."
Notes to Editor
1. DLF
DLF is one of India's leading real estate developers. Headquartered in
Delhi and with significant operations in the National Capital Region
(NCR) of Gurgaon, south of Delhi, DLF is engaged in the businesses of
developing homes, offices, shopping malls, SEZs, hotels and
infrastructure projects. The group has an established track record
spanning six decades in developing premium residential, commercial and
retail projects. With a strong presence in Delhi and the NCR, the
group is actively pursuing an expansion plan spread across several
cities in the country to reinforce its national leadership position in
the Industry.
2. Hilton Hotels Corporation
Hilton Hotels Corporation (NYSE:HLT - News) is a leading global hospitality
company, with more than 2,800 hotels and 495,000 rooms in more than 80
countries, including 150,000 team members worldwide.
The company owns, manages or franchises a hotel portfolio of some of
the best known and highly regarded brands, including Hilton(R),
Conrad(R), Doubletree(R), Embassy Suites Hotels(R), Hampton Inn(R),
Hampton Inn & Suites(R), Hilton Garden Inn(R), Hilton Grand
Vacations(TM), Homewood Suites by Hilton(R), Scandic and
The Waldorf=Astoria Collection(R).
The Hilton Family of Hotels adheres to founder Conrad Hilton's
philosophy that, "It has been, and continues to be, our responsibility
to fill the earth with the light and warmth of hospitality." The
company put a name to its unique brand of service that has made it the
best known and most highly regarded hotel company: be hospitable(R).
The philosophy is shared by all 10 brands in the Hilton Family of
Hotels, and is the inspiration for its overarching message of kindness
and generosity.
For more information about our company, please visit
www.hiltonworldwide.com, and to learn more about our be hospitable
philosophy, please visit www.behospitable.com.
3. Hilton Hotels Corporation in India
Through its alliance with EIH, Hilton Hotels Corporation has nine
existing franchised hotels in India under the Trident Hilton and
Hilton brands. Another hotel is currently being developed by EIH and
will be franchised as a Trident Hilton under this arrangement. These
properties are managed by EIH while Hilton is responsible for
international marketing, promotion and reservations through the Hilton
global network.
Hilton will manage five additional hotels under development -- Hilton
Bangalore, Hilton Residences at Embassy Gold Links Bangalore, Hilton
Chennai, Hilton Hyderabad Palace and Shilim Retreat by Hilton.
4. Hilton Garden Inn
Hilton Garden Inn is the award-winning mid-priced brand throughout
North America and Europe that features complimentary wired and
wireless high speed Internet access in guestrooms and public space, as
well as innovative guestroom offerings, like the Garden Sleep
System(TM) bed and ergonomic Mirra(R) chair from Herman Miller. Hilton
Garden Inn locations offer a complimentary 24-hour business center;
the Pavilion Pantry(R), where guests can purchase snacks, beverages
and microwaveable items, as well as various sundries; a full service
restaurant serving cooked to order breakfast and dinner room service;
flexible meeting space; and a complimentary workout facility. For more
information about Hilton Garden Inn properties, please visit
www.StayHGI.com.
5. Homewood Suites by Hilton
Launched in 1989, the Homewood Suites by Hilton brand today has 189
hotels open in the Unites States and Canada, with another 120 in the
pipeline. Beyond its spacious suites and home-like amenities, Homewood
Suites offers on-site Suite Shop(R) convenience store, exercise
facility and guest laundry at most locations. Guests can also enjoy a
daily complimentary Suite Start(R) hot breakfast and a Welcome Home(R)
reception featuring a complimentary light meal and beverages
Monday-Thursday evenings. Additional guest services at Homewood Suites
by Hilton hotels include a complimentary grocery shopping service and
a complete business center at most locations. For more information on
Homewood Suites by Hilton, please visit www.homewoodsuites.com. |
