US hotel group Hilton on November 28 said it will create a joint venture with India's leading real estate developer DLF to develop and own 75 hotels and serviced apartments in the next seven years.
Hilton Hotels Corporation will invest 143 million dollars in the joint venture, in which it will hold a 26 percent stake. DLF will hold the majority stake, the companies said in a statement.
The joint venture, which the companies said is awaiting government approval, will initially work on 20 hotels in the cities of Chandigarh in northern Punjab state, Chennai in southern Tamil Nadu state and Kolkata in the eastern state of West Bengal.
The joint venture will develop and build the properties, while Hilton will manage them, the statement said.
The announcement comes a day after France's Accor hotel group said it had formed a 50:50 joint venture with Dubai real estate developer Emaar Properties to build 100 budget hotels in the next decade.
Accor and Emaar's Indian arm will invest 300 million dollars in the venture to cater to the country's booming hospitality sector.