SECTOR UPDATES July 2011 SECTOR UPDATES July 2011

Contents … (1/2)

 Auto and auto components

 Aviation

 Banking

 Biotechnology

 Infrastructure

 Media and Entertainment

 FMCG

 Healthcare

 IT & ITeS

 Power

 Pharmaceuticals

2 SECTOR UPDATES July 2011

Contents … (2/2)

 Real estate

 Retail

 Steel

 Telecom

 Tourism & Hospitality

3 AUTO AND AUTO COMPONENTS Sector Updates July 2011

Auto and auto components … (1/2)

• Czech auto major Skoda is set to launch five products in the country over the next two years to increase its presence in .

Apart from launching a refurbished Laura, it will launch, by the end of this year, a premium mid-sized sedan, Rapid. Also on the anvil are plans to launch smaller versions of its sports utility vehicle (SUV) Yeti, in both petrol and diesel variants, and a small car tagged between Rs 3 lakh and Rs 5 lakh.

With these launches, the company, which currently covers 30 per cent of the passenger vehicles market in the country, is looking to gain between 4 and 6 per cent share over the next few years, according to the company.

• The demand for two-wheelers from the stable of six of the eight domestic motorcycle manufacturers rose 16 per cent in June to over 880,000 units, compared to 761,000 units in June 2010. Analysts attributed the increase in demand to a hike in petrol prices, which made two-wheelers more cost- effective. Hero Honda, the country's biggest two-wheeler maker, recorded total sales of 512,224 units to dealers in June — up 20 per cent from 426,454 units in the year-ago period.

• With the aim of consolidating India‘s position as an important destination for low-cost automotive production, the Government plans to set up two automotive manufacturing hubs spread over 10,000 acres each, in central and eastern India.

The new hubs will be in addition to the three existing zones - , and . India's automotive industry, estimated to have a turnover of $73 billion at present, accounts for 6 per cent of its GDP.

4 AUTO AND AUTO COMPONENTS Sector Updates July 2011

Auto and auto components … (2/2)

• Motherson Sumi Systems (MSSL), the flagship company of the Samvardhana Motherson Group, has acquired an 80 per cent stake in Peguform Group, makers of car bumpers and dashboards. Headquartered in Germany, Peguform is the second largest supplier of door panels in its home market.

• To be able to meet the demand for its vehicles in the African market, has opened a new plant in South Africa for the assembly of commercial vehicles. The plant is located in the Gauteng province of South Africa

5 AVIATION Sector Updates July 2011

Aviation

• Air India will take delivery of its first Boeing 787 Dreamliner aircraft by end 2011, the President, Boeing India, Dr Dinesh Keskar, has announced. Boeing expects that India will require 1,320 new aircraft valued at $150 billion over the next 20 years.

• GMR Infrastructure's airport arm - GMR Airport Holdings - has raised Rs 5,84.60 crore ($131 million) via an issue of compulsorily convertible preference shares. Private equity players such as Standard Chartered Private Equity ( Mauritius) III, JM Financial Old Lane India Corporate Opportunities Fund I, JM Financial Trustee Company Private, JM Financial Products Limited and Build India Capital Advisors have subscribed to the preference shares. The money is expected to help the company fund its airport ventures.

• Jet Airways is considering merging JetLite and Konnect into a single low-cost brand. Eventually, the airline will have a single brand in full service and low-cost category, according to the company‘s plans.

6 BANKING Sector Updates July 2011

Banking … (1/2)

• The opened 21 new branches in the country in July. According to the bank‘s chief general manager, 13 are in semi urban and rural areas, emphasizing the bank‘s reach across metros to small villages. SBI also opened its 700th customer service point in unbanked villages under the financial inclusion plan of the government.

The bank already has 1,600 branches in UP and hundreds of villages have been covered through business correspondents and facilitators.

• The government has proposed to bring all micro finance institutions (MFIs) under the ambit of the Reserve Bank of India (RBI). The central bank will have the powers to formulate policies for the sector and regulate it, the Finance Ministry said in the draft of The Micro Finance Institutions (Development and Regulation) Bill, released recently.

• DBS Bank, Singapore's largest lender, will look to enlarge operations in India, already its third biggest market globally, even as it hopes for new regulations to allow it to expand in this country, possibly through the subsidiary route.

It will focus on retail banking and small & medium businesses, beside supporting investments in the infrastructure sector, to support growth of between 30 to 50 per cent this year, said its India CEO and general manager, Sanjiv Bhasin.

• Meanwhile, Corporation Bank plans to increase its overseas presence and is also looking at a merchant banking licence through its subsidiary. The bank is exploring the possibility of opening branches in Singapore, Malaysia and South African countries such as Kenya, Zambia and Botswana. The bank has overseas presence through representative offices in Dubai and Hong Kong. 7 BANKING Sector Updates July 2011

Banking … (2/2)

• SEBI has said limited liability partnership (LLP — a concept which came into being in India only in 2008) firms should be considered as a body corporate and are eligible to become members of stock exchanges.

According to SEBI, LLP were akin to limited liability companies (LLC) and partnership firms, and with the parliament putting a legal framework for such entities in place, stock exchanges may consider granting them membership.

• The RBI has said that for each branch proposed to be opened in Tier 3 to Tier 6 centres of under- banked districts of under-banked States, a bank will get authorisation to open a branch in a Tier 1 or Tier 2 centre.

This incentive to banks comes as there is a continuing need for opening more branches in these States for ensuring more uniform spatial distribution. The RBI has also stipulated that banks now have to open at least 25 per cent of the branches under the annual branch expansion plan in un-banked rural centres.

8 BIOTECHNOLOGY Sector Updates July 2011

Biotechnology

• Biotechnology firm Life Technologies has invested around $3 million to open a distribution hub in Bengaluru, which they expect would propel their business in India by 40 per cent this year.

The center will distribute products across the country cutting the time taken for delivery from 45 days to two days, according to Devashish Ohri, managing director, Life Technologies South Asia. This will also increase the cost efficiency for the company.

• The government‘s Department of Biotechnology (DBT) and Piramal Life Sciences (PLS) have renewed their joint drug discovery research project for another three years.

The public-private partnership, initiated in February 2008, was aimed at screening thousands of bio- molecules extracted from the country‘s microbial diversity spread across varied geographies for medicinal properties.

9 INFRASTRUCTURE Sector Updates July 2011

Infrastructure … (1/2)

• The Public Private Partnership Approval Committee (PPPAC), chaired by Economic Affairs Secretary R Gopalan, had granted approval to six proposals of the Ministry of Road Transport and Highways spread across five states.

The projects approved include six laning of Kishangarh Udaipur Ahmedabad section of NH 79A, NH 79, NH 76 and NH 8 in and worth Rs 5,387.30 crore.

Also four laning of Lucknow-Sultanpur section of NH 56 in worth Rs 1,013 crore and four laning of Angul-Sambalpur section of NH 42 in Orissa for Rs 1,220.32 crore.

The other projects are two/four laning of Birmitrapur to Barkote section in Orissa (Rs 778.15 crore), four laning with paved shoulder of Bhopal to Biaora section in (Rs 704.26 crore) and four laning of Rewa to MP/UP Border of NH 7 (Rs 670.82 crore).

• Indonesia has sought investment from Indian companies in areas such as infrastructure, road, national resources and food.

• Indian Railways registered an increase of 12.15 percent in its earnings for the first quarter of the current fiscal from Rs 24756.18 crore compared to Rs. 22074.92 crore during the same period last year.

It registered a jump of 12.61 percent in the total goods earnings which have gone up from Rs. 14928.80 crore last year to Rs. 16811.76 crore during April-June in the current financial year.

10 INFRASTRUCTURE Sector Updates July 2011

Infrastructure … (2/2)

The total passenger revenue earnings during first three months of the financial year 2011-12 were Rs. 6841.16 crore compared to Rs. 6190.10 crore during the same period last year, registering an increase of 10.52 per cent.

The revenue earnings from other coaching amounted to Rs. 694.63 crore during April-June 2011 compared to Rs. 626.03 crore during the same period last year, an increase of 10.96 per cent.

11 MEDIA AND ENTERTAINMENT Sector Updates July 2011

Media and Entertainment

• According to a PwC report, The ‗Indian Entertainment and Media Outlook', the Indian media and entertainment sector will grow to Rs 1.2 lakh crore by 2015. PwC estimates that the sector, comprising television, film, print, radio, internet advertising, OOH, animation (including gaming and visual effects) and music industries, earned Rs 64,600 crore in revenue in 2010.

• Reliance ADA Group-promoted social networking and blogging site BigAdda is planning to close its social networking business. The website will now be repositioned as an e-commerce portal, such as eBay.

The BigAdda site includes features like photos, videos, blogs, addas (groups) and classifieds (powered by Quikr). BigAdda has 5.5 million users and celebrity blogs. The celebrity blogs will, however, remain intact, according to a senior ADAG official.

• Multiplex operator PVR Ltd has bought out JP Morgan Mauritius Holdings and India Advantage Fund‘s stake in PVR Pictures, its group firm, for an undisclosed amount, as it looks to focus on cinema exhibition while going slow on production.

The company has acquired a 40 per stake held by JP Morgan Mauritius Holding and ICICI Venture India Advantage Fund in equal proportion.

• In a move that would expand the reach of private radio channels, the Union Cabinet has approved e- auction of licences under the third-phase expansion of FM radio.

The auction is expected to fetch Rs 1,733 crore. The earlier phase II auctions in 2005 had garnered Rs 1,500 crore. After the latest round of expansion, there would be 839 FM stations across 294 cities.

12 FMCG Sector Updates July 2011

FMCG … (1/2)

• According to a report by Ambit Capital Research, consumer durables, automobiles, food and personal care products have the maximum growth potential in the country as multinationals shift focus to Asia Pacific and Latin America to drive up their sales. And Indian consumers will maintain their spending spree despite challenges such as rising prices and higher interest rates.

• The Campaign magazine, published from Hong Kong and Singapore, has ranked Amul as the No. 1 Indian brand in its list of Top 1000 Brands of Asia for the third consecutive year.

Amul is also ranked the No.1 dairy brand, ahead of leading food and dairy brands of the Asian region, including Dutch Lady, Dumex and Magnolia.

• France's Groupe Danone is merging its distribution operations in India with its probiotic drinks joint venture Yakult Danone India for better synergies, a year after it split with the Wadia Group.

The joint distribution structure is expected to result in cost savings through shared cold-chain infrastructure and manpower efficiency.

• Shampoos to foods company, CavinKare Pvt Ltd has forayed into the confectionery segment with its liquid candy – Funfills - at Rs 1 price point under the brand Chinni's. The candy comes in five different fruit variants. To start with, the company has launched its products in the Tamil Nadu and markets.

The national rollout is set to happen before the end of 2011.

13 FMCG Sector Updates July 2011

FMCG … (2/2)

• The haircare business of Henkel India, sold by German parent Henkel AG to group subsidiary Henkel Adhesives, is looking to strengthen its presence in the competitive salon market. The space is dominated by rivals such as Lóreal and Procter & Gamble (P&G).

The haircare business, whose revenues were over Rs 45 crore in the last calendar year, has brands such as Schwarzkopf Professional and Seah at the premium and luxury ends of the market. This has also been a profitable unit of Henkel, which prompted the move by the parent to wrest control of it prior to Jyothy's acquisition of stake.

• With the aim of reaching out to more consumers Procter & Gamble, the world's largest consumer goods firm, has invested Rs. 345 crore in its unlisted arm P&G Home Products in one of its largest investments in a decade in the country.

Analysts now expect the US giant to be more aggressive in the Indian market, enter new categories, including toothpastes, surface cleaners and hair oils, and make more products locally to offer more mass- consumption products.

14 HEALTHCARE Sector Updates July 2011

Healthcare

• Drug-majors Ranbaxy and Pfizer have formalised an alliance with fast-moving-consumer-goods (FMCG) company ITC to tap the rural markets for their over-the-counter (OTC) products.

• Ranbaxy Laboratories Ltd has announced the launch of Letrozole tablets 2.5 mg in the UK, Romania and France. Letrozole is an Antineoplastics, indicated for the treatment of breast cancer.

It is the bio-equivalent of Femara, the innovator product of Novartis, that has a market size of $58 million in UK (Source: IMS 2010), $95 million in France (Source: GERS May 2011) and $5.5 million in Romania (Source: Cegedim 2010).

• Cadila Healthcare Ltd has signed a share purchase agreement with ICICI Venture to acquire 100 per cent shareholding of Finest Procuring Solutions Ltd, which in turn holds cent per cent shareholding of Bremer Pharma GmbH of Germany.

The deal has been signed through Cadila‘s 100 per cent subsidiary, Zydus Animal Health Ltd.

After acquisition, Zydus AHL will be able to expand its animal health business and gain strategic access to the key markets across Europe, South America, Asia and Africa. The global animal health business is valued at $20 billion (Rs 88,170 crore).

15 IT & ITeS Sector Updates July 2011

IT & ITeS … (1/2)

• India's spend on IT is expected to grow to over $50 billion in the next five years from the current $29 billion and this would be propelled by the country's start-up eco-system and growth of MNC R&D centres.

According to a study by globalisation advisory firm Zinnov Management Consulting, of the 2020 start-ups the country has seen till date, 75 per cent come from digital, and business and productivity spaces and 64 per cent under marketplace and mobile domains.

Software as a service (SaaS) which has gained significant buzz over the past year is estimated to grow by 20.7% this year amounting close to Rs 538 crores as compared to 2010 where it was close to Rs 445 crores according to IT advisory firm Gartner. SaaS refers to software that is owned, managed and delivered by a provider from a remote location. Customers pay for the service based on their usage.

Although SaaS is only a variation of cloud computing, it has led the growth of cloud computing. According to Gartner, 75% of SaaS delivery could be regarded as cloud services which is set to exceed 90% by 2015 with SaaS becoming mature. Customer relationship management (CRM) is the largest market for SaaS, expected to reach Rs168.83 crores in 2011 to represent 32 % of total CRM market.

16 IT & ITeS Sector Updates July 2011

IT & ITeS … (2/2)

• Microsoft has opened a new 1.54 lakh sq ft facility at Bengaluru. The facility will house over 200 engineers belonging to the Bangalore Microsoft India Development Center (MSIDC) team that contributes to Microsoft Corp's adCenter technologies and researchers from Microsoft Research India.

• A slew of companies such as Jet Airways, , BlackBerry, Hyundai, Ford, Volkswagen and several leading lifestyle brands like DeBeers are now using the Quick Response (QR) code to target the smartphone user base in India. A QR code is a specific matrix barcode (two-dimensional or 2D code), readable by a dedicated QR barcode reader or camera phones (available as free downloads on app stores or a merchant's website). This allows companies to provide more information on their products and services.

17 POWER Sector Updates July 2011

Power … (1/2)

• Tata BP Solar India Ltd, a joint venture of Tata Power and BP Solar, became the first company to install and commission a megawatt scale solar power plant under the Rooftop and Other Small Solar Power Generation Plant scheme under the Jawaharlal Nehru National Solar Mission (JNNSM).

This one megawatt project is owned and developed by M/s B & G Solar Private Limited in Tamil Nadu and was synchronised to the grid three months ahead of the scheduled date.

• aims to earn Rs 5,000 crore from carbon credit from the three ultra mega power projects of 4,000 MW that it is developing.

The company seeks to earn almost Rs 2,000 crore in 10 years by registering its 4,000 MW Tilaiya ultra mega power project for carbon credits after it got two of the other mega projects registered with the Clean Development Mechanism Executive Board (CDM-EB) of United Nations Framework Convention on Climate Change.

• Power generation major and a Maharatna company, NTPC, and the State Government have entered into a pact for setting up windmills at potential locations in Kerala to generate an estimated 200 MW.

A Memorandum of Understanding to this effect was signed by Mr Inderjit Kapoor, Director-Commercial, NTPC, and Mr S. Subbiah, Secretary, Power, Kerala.

• Power generation and distribution group, India Power Corporation Limited (IPCL) and DPSC Ltd will be investing Rs 26,450 crore by 2015 in the power sector across India.

18 POWER Sector Updates July 2011

Power … (2/2)

―IPCL and DPSC have an installed capacity of power generation of about 77.4 Mw, and will add another 4362 Mw with an investment of Rs 25,000 crore by March, 2015 in Rajasthan, West Bengal, Bihar, Gujarat and Madhya Pradesh,‖ according to DPSC chairman Hemant Kanoria.

• India's power sector will generate a revenue of Rs 13 lakh crore (US $ 294 billion) during the 12th five year plan (2012-17) according to Union power secretary P. Uma Shankar.

An estimated Rs 6.5 lakh crore (US$ 147 billion) will come from Transmission & Distribution, while the government is looking at revenue estimates of Rs 2.5 lakh crore (US$ 56 billion) from transmission and Rs 4 lakh crore (US $ 91 billion) from distribution in addition to Rs 6.5 lakh crore (US $ 147 billion) from generation. To achieve this, the power ministry is seriously working on a blue print factoring three key areas: transmission, distribution and HR.

19 PHARMACEUTICALS Sector Updates July 2011

Pharmaceuticals

• US-based Gilead Sciences has extended its partnership with four domestic drug companies — Ranbaxy, Hetero, Matrix and Strides Arcolab — to produce and market three new HIV/AIDS drugs.

According to a company statement, the four companies will have the rights to manufacture and market generic equivalents of the products — Elvitegravir, an investigational integrase inhibitor, Cobicistat, an investigational antiretroviral boosting agent, and Quad, which combines four Gilead HIV medicines in a once-daily, single-tablet regimen. These drugs are in late-stage clinical development in India and other developing nations.

The licensees will receive complete technology transfer of the Gilead manufacturing process and pay royalty on sale of finished products.

• Indian drug firm Dr Reddy's Laboratories has received the final approval from the USFDA to launch Fondaparinux Sodium injection, used for treating and preventing deep vein thrombosis (DVT), according to the company.

Dr Reddy's will manufacture Fondaparinux under a license using a patented process developed by Alchemia, a drug discovery and development company whose lead program was to develop a generic version of GSK's Arixtra.

• GlaxoSmithKline Pharmaceuticals (GSK) Limited has further strengthened its presence in the oncology space in India with the launch two drugs — Revolade and Votrient.

20 REAL ESTATE Sector Updates July 2011

Real estate

• Tata Housing will develop about one million sq.ft, at an estimated Rs 850-900 crore, on the public- private-partnership mode with the Maldives Government.

The project will be developed with a local partner, SG18 Developers.

A special purpose vehicle has been formed in which Tata Housing holds 65 per cent and SG18 Developers the rest for executing the project. The public-private-partnership contract with the Government has been inked by the local partner.

• CapitaLand, one of Asia‘s largest real estate firms, will spend about S$300 million, or over Rs 1,000 crore, over the next three years to grow its hospitality business in India. The Singapore-based realty major‘s hospitality arm, The Ascott Ltd, is developing six properties in India, with 1,300 apartment units. These comprise two properties each in Bangalore and Chennai, and one each in Ahmedabad and Hyderabad.

• The Hebbal-Devanahalli stretch in Bengaluru is fast emerging as a premium residential hub. Availability of land at relatively reasonable rates and key infrastructure developments has spurred developers to launch premium projects.

The international airport and the improved connectivity to the city through the four-lane Bellary Road has triggered the rush to the northern corridor.

21 RETAIL Sector Updates July 2011

Retail

• The move to allow 51 per cent foreign direct investment (FDI) in multi-brand retail received a boost with a Committee of Secretaries (Cos), headed by the Cabinet Secretary, Mr Ajit Kumar Seth, giving the go-ahead for this politically-sensitive decision, which will now have to be approved by the Union Cabinet.

• The concessionaire for the Airport Metro link, , is planning to launch a shopping hub at two of its stations - New Delhi Railway Station and the Shivaji Stadium station. Set to come up by October this year, the retail hubs will offer a complete experience, say R-Infra officials, from shopping to dining.

• After carving out his share of his father‘s business empire, Sanjiv Goenka, the younger son of Rama Prasad Goenka and of the RP-Sanjiv Goenka group is set to debut into real estate, with a mall selling “luxury brands” such as Louis Vuitton Moet Hennessy (LVMH), Canali, Salvatore Ferragamo, Gucci and Zegna. CESC Properties, a subsidiary of the group‘s power utility, CESC Ltd, is building the city‘s first luxury mall, Spencer‘s Galleria. It will house 20 luxury brands, a first for Kolkata.

• As part of its expansion strategy, NEXT Retail, the electronics retail arm of Videocon Ltd, opened a store in West Delhi. With a total of 609 stores across India, the company is targeting 1,000 outlets by the end of the year.

22 STEEL Sector Updates July 2011

Steel

• India will emerge as the second largest steel producer by 2013 with an installed capacity of 120 million tonnes, according to Steel Minister, Mr Beni Prasad Verma.

At present, India is the fourth largest steel producer with a capacity of 80 million tonnes, while China tops the list.

The steel demand in the country is growing at an average of 10 per cent, which may exceed even 12 per cent in the near future. In order to meet the domestic demand, steel production capacity must increase at an average of 10-15 per cent, Mr Verma said.

• proposes setting up a six-million-tonne steel plant at Kalinga Nagar, Orissa. The plan will produce flat steel products, catering to the needs of the automotive industry and white goods. The first phase is expected to be commissioned by February 2014. The first phase will see a total investment of up to Rs 25,000 crore, of which the steel maker has already invested over Rs 10,000 crore.

• Varia Engineering Works, an Ahmedabad-based rolling mills manufacturing company, will set up India's first 6-stand continuous cold rolling mill for stainless steel that promises a ten-fold increase in production, in Ahmedabad. The company expects its stainless steel manufacturing capacity to rise up to 2 lakh tonne from the present 18,000 tonne per annum, once the new mills becomes operational.

The company is engaged in manufacturing of rolling mills, heavy duty gear box and ancillary items for 40 years and has diversified into stainless steel manufacturing.

23 TELECOM Sector Updates July 2011

Telecom

• The world's fifth largest telecom company gave a 10-year contract to tech giant IBM for providing IT solutions to its employees in 16 countries in Africa.

IBM will provide end-user services to Airtel employees across Africa in French and English apart from help desk oriented support that will enhance employee efficiency and convenience. The company will also implement and maintain standard operating environment, using state of the art platforms, tools and management processes.

• Payments and banking transactions through mobile phones in India are expected to touch $350 billion (Rs 1,560 crore) by 2015, according to The Boston Consulting Group (BCG), a global management consulting firm.

This will provide banks, telecom operators, device makers and service providers an opportunity to earn fee income of $4.5 bn, it said.

• The Telecom Commission has given its approval to the proposed national optical fibre network (NOFN) for offering broadband services in rural areas.

The network, to be built at an estimated cost of Rs 20,000 crore, will connect all the gram panchayats. The project will be funded by the Universal Services Obligation Fund.

24 TOURISM & HOSPITALITY Sector Updates July 2011

Tourism & Hospitality … (1/2)

• The Gujarat government will invest Rs 635 crore for infrastructure development and tourism promotion over the next three years, according to Mr Vipul Mittra, Secretary, Tourism and Civil Aviation, Gujarat.

According to the Tourism Secretary, his department has identified several spots along the State's 16,000- km coastline, many of them virgin, for promoting ‗beach tourism' with a view to attracting domestic and foreign tourists to the state. Further, the government has now embarked on promoting the hill station Saputara by initiating an annual monsoon festival to be held from July 30 to August 30 starting this year.

• Private investors are expected to invest Rs 70,000 crore into the sector over the next five years, Mr Kamlesh Patel, Chairman, Tourism Corporation of Gujarat Limited (TCGL), has said.

The investors include national and international hotel chains, amenities builders and players in the entertainment space like theme parks, he said, adding that Memoranda of Understanding to this effect were signed earlier this year.

• 18 million tourists visited India in 2010.Foreign tourist visits to the country registered a 24.2 per cent growth in 2010, while domestic tourist visits showed a 10.7 per cent growth.

The number of foreign tourist visits (FTVs) during 2010 was 17.9 million as compared to 14.4 million in 2009 and 2008.

This shows an impressive growth of 24.2 per cent over 2009 as compared to a decline of 0.1 per cent in 2009 over 2008.

25 TOURISM & HOSPITALITY Sector Updates July 2011

Tourism & Hospitality … (2/2)

The number of domestic tourist visits to States and Union Territories during 2010 was 740 million as compared to 669 million in 2009 and 563 million in 2008.

• Hilton Worldwide has signed an agreement with Nehru Place Hotels, an Eros Group company, to take over the management of its hotel in Nehru Place in South Delhi. The hotel, which has been rebranded Eros Hotel, managed by Hilton, was earlier called InterContinental Eros Nehru Place.

The owning company of the hotel, Nehru Place Hotels is spending Rs 75 crore to upgrade the hotel's facilities, which will include guestrooms, restaurants, conference and banqueting facilities, and recreational areas. Once the refurbishment is complete, the hotel will be re-branded as a Hilton property.

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