ASIATravelTips .com, 4 December 2006
As part of its global development strategy aiming at opening 200,000 new hotel rooms by 2010, of which 60% are in emerging markets, Accor has signed a significant partnership that triggers a major expansion in India. This expansion plan covers the full spectrum of the hotel market in India, including budget Formule 1 hotels, economy Ibis hotels, mid-market Novotel hotels and upper-upscale Sofitel properties.
Budget and Economy Hotels: Formule 1 and IbisGilles Pélisson, Chief Executive Officer, Accor, and HE Mohammed Ali Alabbar, Chairman, EMAAR Properties, signed on Friday an agreement to develop 100 Formule 1 hotels in India. This agreement will involve a joint investment of US$300 million in phases.
