is creating a joint venture company (JV) in India with DLF Limited (DLF). The joint venture company plans to develop and
own 75 hotels and serviced apartments over the next 7 years. The formation of the joint venture is pending receipt of formal written
approval from the Government.
The JV-owned hotels will represent several brands from Hilton Hotels Corporation's brand portfolio, including Hilton Hotels, Hilton
Garden Inn, Homewood Suites by Hilton and Hilton Residences. The JV Company will develop and build these properties, while Hilton will
DLF will hold 74% in the JV Company, and Hilton will hold the remaining minority stake. Over
the next 5 to 7 years, Hilton will invest up to US$ 143 million in the JV Company, before consideration of debt.
The initial stage of the joint venture will involve 20 hotels in a number of key locations including Chandigarh, Chennai, and Kolkata. A
large number of these hotels are expected to be Hilton Garden Inns - a business hotel brand, offering focused service. Beyond the initial
20 sites, the JV Company will continue to identify and acquire sites and undertake new hotel developments.
Ian Carter, Executive Vice President, Hilton Hotels Corporation and CEO of Hilton International Operations, explained the attraction of the
Indian market, "India is an outstanding market for hotel development, given its powerful combination of economics and demographics.
Hilton will build on its collective experience in India and the opportunity with DLF is a compelling next step to capitalise on the
development momentum and build our Hilton Family of Brands in India."
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