Indian travel company InterGlobe Enterprises and Accor Asia Pacific said on Tuesday they had formed a joint venture to set up economy hotels in South Asia. The new firm, InterGlobe Hotels, a 60:40 venture between InterGlobe and France's Accor, will develop about 25 "Ibis" economy hotels across India and South Asia over the next 10 to 12 years with an investment of more than 8.5 billion rupees ($195 million).
Accor, which also owns the Sofitel hotel chain, will position Ibis hotels as a value-for-money offering, a statement said.
Hotels are already being built in two Indian cities, and as many as six other locations were being evaluated.
"We are excited about establishing our presence in the world's fastest-growing travel market and look to introduce our other major brands - Sofitel, Novotel, and Mercure - when the appropriate projects become available," said Michael Issenberg, managing director of Accor Asia Pacific.
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