Accor sold a 60% stake in a 15-property portfolio of Formule 1 hotels in India to Samhi Hotels Private Ltd.
Two of the hotels in the portfolio, Formule 1 Greater Noida and Formule 1 Ahmedabad, are open while the remainder is under development. Five are planned to open in 2013. The amount of the transaction was not disclosed. The purchase comes after Samhi Hotels Private Ltd., Gurgaon, India, received a US$100 million investment from the Sam Zell-led Equity International and GTI Capital Group.
“We are very excited about the investment in the Formule 1 hotels as it makes SAMHI a formidable multi-branded hotel ownership company in India. Formule 1 is a strong product and brand positioned to capture the large volume price sensitive Indian traveller and Accor as a hotel company is well known for its expertise in this segment globally and this makes our investment very attractive,” said Ashish Jakhanwala, Samhi CEO.
Accor will hold the remaining 40% stake in the portfolio and will continue to operate the hotels under long-term operating agreements.