Realty major DLF and Bharat Hotels, owners of The Grand group of hotels, are working towards a joint venture (JV) for developing and running hotels. While DLF will own the land and be in charge of the actual construction of hotels, the latter will operate the hotels.The two companies already have a hotel in Chandigarh.
The two companies are in talks to build hotels in the two townships that DLF is developing with Nakheel, a large property developer from the UAE. DLF and Nakheel have a 50:50 joint venture to develop a total 40,000 acres between Gurgaon and South Maharashtra, Goa at an initial investment of $10 billion.
In the prospectus that DLF had filed with the Securities & Exchange Board of India for its initial public offering, it had stated that it would be making its foray into hotels in joint ventures with Hilton International and Bharat Hotels.
Read more in The Business Standard article.
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