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
'Ghana needs a Payments Council' - report
Tigo supports 19thGhana Journalist Awards
Minister asked public service workers to be proactive
Business and Financial Times investment fair underway
Jobberman launches services and outdoors brand ambassador
Well-defined electoral programmes advocated
NPP set-out rules for Special Electoral College
Skills upgrade training held for horticulturists
MTN brings service closer to communities
Teachers urged to help improve examination results
 More latest news
 Popular News Items
Hygienic and infection control measures can prevent Ebola.
Saltpond Oil does clean business CEO
UK to assist disabled in chalk production
Free The Impact Of Movitel On Ict In Mozambique
Ebola Begins to Take an Economic Toll in West Africa
Rural Enterprise Programme disburses money to businesses
Mothers, babies and elderly sleep in the open for NHIA cards
Over 3000 registered by the EC in the Effutu Constituency
MP calls for intensive public education prior to referendum
Komenda factory will be ready on time

Copyright BusinessGhana. All Rights Reserved.

Legal