News: Hilton Hotels to form JV with DLF

(RTR 28/11/2006) Mumbai - Hilton Hotels Corp said on Tuesday it will form a joint-venture with Indian property firm DLF Ltd to develop 75 hotels and serviced-apartment complexes over the next seven years.

The US hotel group said it would invest up to $143 million over the next five to seven years in the joint-venture company, which would be 74 percent owned by DLF. Initially, 20 hotels would be developed in cities including Chandigarh, Chennai, and Kolkata.

"India is an outstanding market for hotel development, given its powerful combination of economics and demographics," Ian Carter, the chief executive officer of Hilton International Operations, said in a statement.

Hilton said the deal needed formal written approval from the government. Last week, the government said it had approved the proposal.