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Parsvnath eyes expansion in hotel biz, to invest Rs 2500 crore
| March 4, 2008 |  (Be the first to rate this story!) Loading ... |
Delhi based real estate developer; Parsvnath Developers is looking at investing between Rs 20-25 billion for the development of 40 more hotels. The company is in talks with leading domestic and international hotel chains for tie-ups. The company intends to develop 100 properties across India.
Last month, the company had announced a joint venture between its subsidiary Parsvnath (QNCF) Hotels (PHL) and Royal Orchid Hotels (ROHL) to develop 10 hotel projects in the next five years across India. The construction of the hotels would involve an investment of Rs 5 billion spread across 3-5 years.
In addition, PHL has signed a memorandum of understanding with Fortune Park Hotels (FPHL), a wholly owned subsidiary of ITC, to manage 50 hotels across India in the next three to five years. PHL would pump in investment of about Rs 25 billion in these hotel projects. Under the agreement, PHL will own and develop the hotels and FPHL will manage them.
News Published Under: Real Estate India, Hotel Industry in India |
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