Formule 1, which recently opened its third property in India in Pune, aims to have 15 hotels operational by the year 2014. The 104-key hotel in Pune is set to target both business (primarily the IT sector) and leisure travellers.
The brand is set to launch properties in Hyderabad, Bengaluru and Gurgaon within this year. Madhu Joshi, Director – Marketing and Communication, Accor stated that the company is largely targeting tier II cities for its expansion plans. “Formule 1 is well priced for tier II cities that attract business travellers, which is target market segment,” she said.
Formule 1’s existing properties witnessed healthy occupancy last year. Noida recorded 52 per cent and Ahmedabad recorded over 40 per cent occupancy, revealed Joshi. “We are planning to revamp the Formule 1 brand to create more awareness of it in the Indian market. The brand will now get a new logo accompanied by new marketing initiatives that will highlight the promise of quality that Formule 1 provides,” she concluded.
Last year, Accor sold 60 per cent stake in 15 wholly owned Formule 1 hotels in the country to hotel investment and development firm SAMHI. According to the agreement, Accor will continue to operate the hotels and has also retained rights to own and develop Formule 1 brand in the country in future.
