MARRIOTT INTERNATIONAL, INC. (NYSE:MAR) is a leading lodging company with more than 3,500 lodging pr

Marriott International (NYSE: MAR) today announced it has reached a preliminary agreement to form a joint venture with SAMHI Hotels Pvt Ltd., a hotel and investment company based in New Delhi, to launch Fairfield by Marriott, a new hotel prototype designed specifically for the growing Indian business traveler segment. alaska airlines schedules The venture alaska airlines schedules is expected to bring 2,500 guest rooms and approximately 15 moderate-tier hotels to India by 2015 in markets such as Bangalore, Chennai and Hyderabad. [ Downloadable images available on Flickr .]
“With a burgeoning middle class of more than 200 million people, yet very few branded moderate-tier hotels to serve them, India presents a powerful growth opportunity for Fairfield by Marriott,” said Navjit alaska airlines schedules Ahluwalia, senior vice president of development in India, Marriott International. “With its expertise and relationships in the Indian market, plus the strong track record of its seasoned hospitality executives, SAMHI Hotels is an excellent partner for this venture.”
Once completed, the venture alaska airlines schedules will firmly establish Marriott’s leadership position in the moderate-tier category in India, and support the company’s goals of expanding in India from 12 to 100 hotels across seven brands by 2015. Since opening its first hotel in India in 1999, with the Goa Marriott, Marriott has expanded its portfolio there to include alaska airlines schedules the Courtyard by Marriott, Marriott Hotels Resorts, JW Marriott, Renaissance, and Marriott Executive Apartments brands.
alaska airlines schedules “With a focus on moderate-tier hotels, Fairfield by Marriott fits into the core strategy for SAMHI,” said Ashish Jakhanwala, Managing Director SAMHI Hotels. “Our choice of Fairfield was driven by the fact that Marriott has developed the brand and product for the Indian market based on extensive consumer alaska airlines schedules research. We believe that Fairfield development will allow SAMHI to target a wide and fast growing segment and create tremendous value for our shareholders.”
The 155-room Fairfield by Marriott prototype is a highly customized version of the company’s successful Fairfield Inn Suites brand, which was created in 1987 and has grown to more than 660 properties throughout the United States, Canada and Mexico. Unique features of the new Indian prototype include:
-- A three-meal-a-day restaurant will serve authentic Indian cuisine and select Western menu options. The restaurant will feature a buffet, à la carte menu and private dining rooms. -- An expansive lobby with a bar lounge and 24/7 Market for drinks and snacks. -- Ample meeting room space to conduct business. -- Two modern, fresh décor palettes inspired alaska airlines schedules by the rich colors of the peacock and Indian embroidered textiles, and by spices of saffron and turmeric. Indigenous stone, wood and textiles will be used throughout the hotels. -- Guests will also enjoy modern technology, an exercise room, and the attentive, alaska airlines schedules respectful service for which Marriott-branded hotels worldwide are known.
“To design Fairfield by Marriott, we started where we should—with the upwardly-mobile Indian business traveler,” says Shruti Gandhi Buckley, Vice President of the Fairfield by Marriott brand. “We believe we’ve developed alaska airlines schedules a hotel prototype that is culturally relevant, meeting our guests’ unique needs around hotel living, dining, and socializing.”
Formation of the joint venture is subject to negotiation of definitive transaction documents and customary closing conditions for transactions of this type, including obtaining any necessary consent. The parties anticipate closing in the second quarter of 2011.
MARRIOTT alaska airlines schedules INTERNATIONAL, INC. (NYSE:MAR) is a leading lodging company with more than 3,500 lodging properties in 70 countries and territories. Marriott International operates and franchises hotels under the Marriott, JW Marriott, The Ritz-Carlton, EDITION, Autograph Collection, Renaissance, Residence Inn, Courtyard, TownePlace Suites, Fairfield alaska airlines schedules Inn Suites, SpringHill Suites and Bulgari brand names; develops and operates vacation ownership resorts under the Marriott Vacation Club, The Ritz-Carlton Destination Club, and Grand Residences by Marriott brands; licenses and manages whole-ownership residential brands, including The Ritz-Carlton Residences, JW Marriott Residences and Marriott Residences; operates Marriott Executive Apartments; provides furnished corporate housing through its Marriott ExecuStay division; and operates conference centers. The company is headquartered in Bethesda, Maryland, USA, and had approximately 129,000 employees alaska airlines schedules at 2010 year-end. It is ranked by FORTUNE as the lodging industry’s most admired company and one of the best companies to work for. In fiscal year 2010, Marriott International reported sales from continuing operations of nearly $12 billion. For more information or reservations, alaska airlines schedules please visit our website at www.marriott.com , and for the latest company news, visit www.marriottnewscenter.com . SAMHI Hotels Pvt Ltd. is a hotel investment and development company, with a focus on high growth economy and mid-scale segment in Indian sub-continent. SAMHI has been co-founded by Steve Rushmore, Founder and President of HVS, Ashish Jakhanwala, alaska airlines schedules who was part of start-up and core team at Accor India/InterGlobe Hotels, and Manav Thadani, Chairman and Founder of HVS India and is sponsored by GTI Capital Group, an India-focused private investment and advisory firm.
Note: This press release contains alaska airlines schedules “forward-looking statements” alaska airlines schedules within the meaning of United States federal securities laws, including statements alaska airlines schedules about the expected timing for closing, the joint venture’s future operations, the size of the future joint venture hotel portfolio, and similar references to anticipated future events or expectations that are not historical facts. We caution you that these statements are not guarantees of future performance and are subject to numerous risks and uncertainties, including the ability of the parties to finalize definitive transaction documents, any changes to the joint venture that may be reflected in the definitive documents, delay in or failure to obtain any necessary consent, or the ability of the joint venture to acquire and finance sites for development; any of which could delay or prevent formation of the joint venture, cause the joint venture alaska airlines schedules to operate differently than as described in this press release or result in the joint venture developing fewer hotels than anticipated. These statements are made as of April 6, 2011, and the parties alaska airlines schedules undertake no obligation to publicly update or revise any forward-looking statement, whether alaska airlines schedules as a result of new information, future events or otherwise.