"India is a key growth market for Emaar, and we have committed $1 billion - the country's largest ever foreign direct investment in the real estate sector - to develop several projects across the country," Alabbar said.

"Alongside master-planned residential communities and special economic zones, we regard the hospitality sector as integral in our growth strategy for India. The tie-up with Accor marks our foray into budget hotels - a niche segment that has tremendous growth potential."

Pelisson said: "The Formule 1 product is ideally suited for India's rapidly growing tourism market. The brand is recognized as the international benchmark for budget hotels and has been successful in both established and emerging economies. India has one of the world's most dynamic economies and there is currently a vast undersupply of quality accommodation.