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Hilton Hotels to Expand In IndiaNovember 28, 2006 By: David Eisen Travel Agent
Hilton Hotels Corp. on Tuesday announced the creation of a joint venture in India with real estate developer DLF Ltd. to develop and buy 75 hotels and serviced apartments over the next seven years. Hilton will manage the hotels, which will include such brands as Hilton Garden Inn and Homewood Suites. DLF will hold a 74 percent stake in the company and Hilton will hold the remaining minority stake. Hilton says it will invest up to $143 million in the venture over the next five to seven years. The formation of the joint venture still must receive approval from the Indian government.