Hotels

Whitbread Buys Out Emaar MGF

March 14- Whitbread Plc (WTB.LN), the UK based budget lodging chain, bought out its Indian joint venture partner Emaar MGF. Nearly three years ago the two companies partnered to build 80 Premier Inn hotels over a ten year period in India. The deal involved an investment of $600 million.  Emaar MGF is a joint venture between Dubai’s Emaar Properties and India’s MGF Development Ltd. 

A Premier Inn India official was quoted as saying Whitbread has trimmed down its plans for India and now plans to build fewer hotels in less towns than it had planned in 2007.  Whitbread Plc confirms that Premier Inn has completed the acquisition of the 50.1% stake it did not own in the joint venture with real estate developer Emaar MGF”.

 

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