Berggruen Hotels to expand operations in MoroccoSeptember 10th, 2008 - 7:59 pm ICT by IANS
New Delhi, Sep 10 (IANS) Berggruen Hotels, operator of Keys budget hotel chain in India, has signed a joint venture agreement with Filacom Pvt Ltd in Morocco to set up three and four-star hotels in that country. This is Berggruen’s first international joint venture to develop midmarket and upscale hotels across emerging economies.
“I believe his partnership will add momentum to our expansion plans in this region. Morocco is a strong market and its strategic proximity to Europe gives the business long-term sustenance power,” Berggruen Hotels managing director Sanjay Sethi said.
“The company is also looking to develop budget hotels in Casablanca, Rabat, Fez, Agadir, Mekens and Mohammedia,” said Atul Lall, chief operating officer, international division of Berggruen Hotels.
He added that the company would invest $50 million in Morocco in the next two years. In the second phase, an additional $25 million would be invested as the company will increase its presence in other cities and holiday destinations, Lall said.
“These will be primarily greenfield projects but the company is also open to acquiring existing hotels and entering into management contracts,” he said.
The venture will be operated through two companies - a property company in which Berggruen Hotels will have 51 percent stake and an operating company in which it will have 75 percent stake.
- East India Hotels plans tie-up with RIL - Aug 10, 2011
- Morocco looking for more joint ventures with India: Ambassador (Interview-Second Lead) - Jul 29, 2012
- Morocco wants ties with India to go beyond food security - Jul 29, 2012
- International hotel chains make a beeline to India - Feb 12, 2012
- Morocco contributing to India's food security: Ambassador (Lead) - Jul 29, 2012
- Etihad extends codeshare pact with Moroccan airline - Sep 26, 2010
- US firm to launch budget hotel in Kerala capital - Aug 20, 2009
- 24 killed in Morocco bus accident - Dec 01, 2010
- Morocco squad for Africa Cup of Nations - Dec 30, 2011
- Ranbaxy boosts presence in Africa with malaria drug - May 11, 2012
- Income tax department attaches Unitech shares in Uninor - Mar 28, 2012
- Daiwik Hotels to have five properties in two years - Jul 18, 2012
- Taj plans Vivanta hotels in Africa, China, Dubai - Jan 30, 2012
- Tata Chemicals expands African footprint - Apr 15, 2011
- Hospitality sector doing brisk business in Bangalore - Sep 17, 2010