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Accor and Mahindra & Mahindra have announced the sale of three Mercure Guestline properties to Dubai-based Ramee International, effectively ending their joint venture franchise agreement for Mercure hotels in India.
The sale, which was amicably agreed to by both parties, is effective immediately and involves the 99-room Mercure Guestline Bangalore, the 91-room Mercure Guestline Mumbai and the 144-room Mercure Guestline
Tirupati.
With the end of the joint venture, each company has elected to pursue independent development strategies in India.
Mahindra & Mahindra and Accor decline to release, confirm or comment on recent press speculation regarding the financial agreement of this sale, as the information will not be made public at this time. |
