Hilton and Morepen form joint venture to develop hotels in India

Hilton International and Blue Coast Hotels & Resorts Limited (formerly known as Morepen Hotels Ltd) announced that they have formed a joint venture company - Hospitality Holdings India Ltd - to develop first class and luxury hotels and resorts in India.

As part of its first phase, Hospitality Holdings will develop three projects: a 175-unit Hilton Residences (consisting of serviced apartments) and Country Club in Mumbai; a 250-room Hilton Hotel in Bangalore; and a 160-room Hilton Resort in Goa. These three projects, which represent a total investment of more than Rs.500 crores (US$100 million), will all be operated by Hilton International upon their targeted opening in 2005.

Mr. Koos Klein, President, Hilton International Middle East & Asia Pacific, said "Hilton International has a long-term commitment to a presence in India, utilising a two-pronged strategy: anchoring our presence with a strong local partner, and participating in the equity of our hotels."

Mr. Arun Suri, Chairman of Blue Coast Hotels & Resorts Limited, added "After successful completion of our resort development in Goa, we are upbeat about our hotel development capabilities and are glad to be associated with Hilton International, looking forward to a long term, mutually beneficial relationship."

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Hilton International, a subsidiary of Hilton Group plc, exclusively markets the Hilton brand worldwide except for in America, Canada and Mexico. Hilton International currently operates over 380 hotels in more than 65 countries worldwide. Overall, the Hilton brand operates over 2,400 hotels worldwide, as a result of the alliance between Hilton International and Hilton Hotels Corporation, who market the brand in the USA, Canada and Mexico.

Blue Coast Hotels and Resorts Limited formerly known as Morepen Hotels Limited was formed in 1992 by the promoters of Morepen Laboratories Limited, a well-known pharmaceuticals Company. Blue Coast Hotels and Resorts Limited is headed by Mr.Arun Suri who has managed the overall operations and administration of Morepen Labs as well as the recent resort project in Goa. He has more than 18 years experience in Morepen Laboratories and Morepen Hotels.