Accor to Open Formule1 Hotels

Accor plans to expand in the Indian budget hotel space, planning to open 19 committed properties under its value-budget Formule1 brand in the coming years.

Hotel Formule1 has three properties presently in Whitefield, Bangalore; Ahmedabad and Greater Noida. The Hotel plans to open properties in Pune, Hyderabad and Gurgaon, taking the total number of hotels in the country to seven by 2014.

Mr. Philip Logan, Vice President, Formule1, said, “The idea is to have a total of ten operational hotels by the end of next year." He added that of the 19 committed projects, the first 15 of them have 60 per cent investment from hospitality investment firm SAMHI, while Accor holds 40 per cent.”