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| Edited By: Sobia Khan |Source: DNA |Updated: Mar 16, 2018, 05:40 AM IST
Premier Inn Hotels, the part of UK’s largest hotel & restaurant group Whitbread PLC, has tied up with Emaar-MGF Land Pvt Ltd to exploit opportunity in the mid-market hotel segment in India. Premier Inn India, the joint venture company, would set up mid-segment, or three-star, hotels across India. In the next 12 years, it aims to set up 80 hotels across the country with 12,000 rooms.
Ally Shariff, managing director, Premier Inn India, said, “The mid-segment hotel market is under developed and offers a huge opportunity.”
The first five properties to be completed by 2013 will see an investment of Rs 930 crore and an inventory of 700 rooms.
The initial hotels will come up in Bangalore and Delhi with an inventory of 105 and 143 rooms respectively. In Bangalore, Premier Inn will be located in Whitefield. The firm is in talks with banks to raise funds. “Our JV partner will bring in the investment initially. We will raise money through debt later,” Shariff said.
