SINGAPORE – A joint venture company has been formed to expand the Conrad brand of luxury hotels on a worldwide basis. Owned equally by Hilton Group plc and Hilton Hotels Corporation, this joint venture will develop the Conrad brand mainly through the securing of management contracts for new build hotels and conversions. The companies are also looking into designating the Conrad brand to specific portions of existing Hilton properties. There are presently 12 luxury properties operating in Europe, the Middle East, South America and Australasia, along with another two now under development. David Michels, group chief executive of Hilton Group plc, said: "There is, without question, more room in the market for additional luxury hotels to complement the existing portfolio of Conrad properties, and we are now perfectly placed to expand the brand selectively throughout the world."