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Mahindra group in joint venture with Accor Asia Pacific hotels

The Mahindra group on Wednesday announced a 50:50 joint venture with Asia-Pacific's largest hotel group, Accor Asia Pacific (AAPC Asia).

The joint venture company will acquire, set up, develop, and invest in hotels throughout India, Nepal and neighbouring countries, to be operated under the Ibis and Mercure brand names.

As part of the joint venture establishment, a separate management company has been formed to manage the joint venture's hotels and other hotels. The new company will shortly invite investments on a private placement basis from institutional investors.

Under the joint venture agreement, the Mahindra group's existing three Guestline hotels in India - will be rebranded as Mercure Hotels and Inns. The Guestline hotel at Bombay will be rebranded Mercure Guestline Hotel, the hotel in Bangalore will be rebranded Mercure Inn Guestline and the Tirupati hotel will also be rebranded Mercure Inn Guestline.

The joint venture company has plans for growth and expects to add approximately 15 hotels over the next five years. These hotels will be located in metropolitan cities and key regional and tourist destinations.

UNI