Home  |  Login  |  FAQ  |  Advertise  |  Services  |  Recommend  |  FeedBack  |  Contact Us  
Home
News

 Other Sections
ACN Ghana 2008
Sports
Finance
Business Directory
Online Forms
Real Estate
Classifieds
Auto
Jobs
Events
Downloads
World Cup 2010
Travel
About Ghana
Our Services
News Headlines
 More
Accor earmarks USD 150 million investment in India by 2014
News Date: 19th August 2010


Global hospitality firm Accor Wednesday said it has earmarked an investment of USD 150 million (around Rs 700 crore) for opening 60 hotels in India by 2014.

"In India, we have committed an investment of USD 150 million. A part of this has already been spent in Indian operations," Accor Chief Executive Officer Gilles Pelisson told reporters here.

The company said it plans to open 90 hotels by 2015, out of which contracts for 60 hotels have already been signed. Out of the total, it plans to open 21 hotels by the end of 2012.

"Our target is to have 90 hotels by 2015. We have already committed 60 hotels. So the fund will be for the 60 hotels, which will open by 2014," Accor Chairman (Asia Pacific)Michael Issenberg said.

At present Accor, in partnership with InterGlobe Enterprises, runs eight hotels across the country under three different brands --Novotel, Ibis and Mercure.

The company said it has recently partnered with Pacifica to creat an investment fund for its expansion plans in the country.

While Pacifica, a joint venture between the Government of Singapore Investment Corporation and Host Hotels and Resorts, has 36 per cent stake in the fund, Accor and Interglobe holds the remaining stake.

"We are in great expansion mode in India. We are going to invest on building hotels in the midscale and economy segment," Pelisson said.

Besides, the company said it is planning to bring its global hotel brands -- Sofitel, Pullman and Formule1 in the country by 2011.

"We are focused on Novotel and Ibis brands in India. Ibis is a brand which takes off well in India," he said.

While Novotel operates in the upper midscale segment, Ibis is present in the economy segment.

The France-based hotel group said it plans to open 19 Ibis hotels with a 3600 rooms across India by 2015. At present, it has 2 hotels in the country and eight more are coming up by 2011.


Source: GNA


 More
 Search News
 
 Advanced Search

ADVERTISEMENT
  Latest News Headlines
Airtel Donates desks and soccer jerseys to Kanyama School
Tigo Ghana appoints new Head of Marketing and Human Resource Management
Halt constitutional review process - CPP
Bharti Airtel Crosses 300 Million Customers Milestone
Yendi youth rally for peace to mark Eid-Ul-Fitr
Africa Urged To Invest In Hybrid Energy Systems
Doctors call for appointment of new Board
Cameron outlines immigration curbs 'to put Britain first'
Liberia closes its borders to stop Ebola
Nigeria isolates Lagos hospital where Ebola victim died
 More latest news
 Popular News Items
New Yutong Executive Coaches launched onto Ghanaian Market
Samsung Printers Receive Seven Awards for Outstanding Achievement from Buyers Laboratory
Airtel commits GHC200 million to network expansion
Airtel Africa Announces New Managing Director For Burkina Faso
Kofi Annan centre to start new programme
Airtel Simplifies Data Usage With 'Browse Chaw' Campaign
Israeli Ambassador Tours Mashav Educational Projects In Tamale
GAEC launches Technology and Transfer and Marketing Centre
Prez Mahama launches two policy documents
Workers in Central Region Join Nationwide Demo

Copyright BusinessGhana. All Rights Reserved.

Legal