IN KEEPING with its ‘asset-light’ strategy, Accor has sold 60 per cent of its stake in 15 Formule 1 hotel projects in India to Samhi, an Indian hotel investment and development firm that owns properties, particularly those in the mid-scale and economy segment, across India.
Accor will, however, continue to run the hotels under long-term management contracts.
Of the 15 wholly-owned or leased Formule 1 hotel projects in India, two – in Ahmedabad and Greater Noida – are already open and functional, while one is due to open this December in Pune.
Samhi has partnerships with Chicago-based Equity International, Marriott International and GTI Capital Group, and had bought over Royal Orchid Hotel in Ahmedabad in April this year. They are also developing properties in Bangalore, Chennai and Gurgaon with brands such as Courtyard by Marriott, Fairfield by Marriott and Hyatt Place.
