Marriott forms joint venture to launch new prototype

Marriott International 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.

The venture 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.

Marriott has 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 the Courtyard by Marriott, Marriott Hotels & Resorts, JW Marriott, Renaissance, and Marriott Executive Apartments brands. 

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.  The new Indian prototype includes:
    * Two modern, fresh decor palettes inspired 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 hotel.
    * A three-meal-a-day restaurant will serve authentic Indian cuisine and select Western menu options.  The restaurant will feature a buffet, a 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. 
    * Guests will also enjoy modern technology, an exercise room, and the attentive, respectful service for which Marriott-branded hotels worldwide are known.

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.

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