Hilton which is a leading global hospitality chain had marked two split policies to test into the growing hospitality market in India. As on one side Hilton had set up a JV with KP Singh’s realty company DLF Ltd to construct hotels and on other side it had the plans to set up a complete and entire subsidiary for working on these properties in India. Sources said that it had developed and owned hotels and service apartments under the Hilton, Hilton Garden Inn, Hilton Residences and Homewood Suites brands. Complete and entire division had been fixed up for working on these hotels and serviced apartments. In an application which was presented to FIPB, Hilton International Co (HIC) had planned to invest about $143 million over 5-7 years in JV company to develop 50-75 hotels and service apartments across India. Hilton had stated that the JV Company was listed in the Indian Stock Exchanges.
HIC separately had grabbed 26% of shares in JV as the left over 74% was with DLF. Sources said the www.propertykhazana.com that HIC had wished to carry on venture and to hold a minimum 26% shares in JV for 7 years or until the new company’s IPO either before. The latest global chain was Hilton to gaze by increasing its existence in India and to go on a ride of explosion in demand for hotel rooms. Scarcity of hotel rooms had led to the average leasing by going to height of about $350 in the national capital. In the garden city room rents had extended by $500 mark.
Source: NIMMA BENGALURU
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