Emaar and Marriott to invest $400m in India hotels
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The Indian joint venture of Dubai's Emaar Properties said on Tuesday it had tied up with Marriott International Inc to build four hotels in India for a total investment of more than $400 million. The projects in New Delhi and Amritsar in the north, Hyderabad in southern India and Kolkata in the eastern state of West Bengal are expected to be completed by 2010 and will have a total of 912 rooms, Emaar MGF Land Ltd said in a statement. Emaar MGF will own and develop the properties while Marriott will provide advisory and management services, it said. In February, Emaar MGF had called off a $1.6 billion initial public offering after a stock market tumble sapped investor appetite for equity offerings. (Reuters)
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