Accor and partners rev up expansion in India
Accor and its Indian joint partner InterGlobe have sold a 36 percent stake in an investment fund to Pacifica Partners, a company related to Government of Singapore Investment Corporation, for an undisclosed sum.
The balance stake in the fund will be held by Accor and InterGlobe in equal proportion of 32 percent.
The fund will initially hold the assets for seven hotels in India which are currently jointly owned by Accor and InterGlobe, representing 1,750 rooms with a value of approximately $US325 million on the completion of the hotels.
The hotel developments are all in key gateway cities of India with prime locations within these markets, including at the recently opened Delhi International Airport, one of Asia’s newest and largest airports.
All seven hotels will open between 2011 and 2013.
Peter Meyer, managing director of Pacifica Partners, said, “Pacifica views this fund as an excellent vehicle to take advantage of this compelling market (India) by teaming up with Accor and InterGlobe.â€
Michael Issenberg, chairman & COO, Accor – Asia Pacific, said, “Pacifica will bring fresh capital for investment for further expansion in India, particularly in the mid and upscale segments.
“The fund will acquire hospitality assets opportunistically through a number of means, including those managed by Accor.â€
In India, Accor plans 43 hotels including its budget brand, Formule 1.
Ian Jarrett
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