| In a $4-billion deal representing more than 10% of the country's existing hotel inventory, Royal Indian Raj International Corp. has plans to build at least 12,000 budget-oriented rooms nationally. The contract with Choice Hotels India calls for construction to begin during the next 12 months on motels that will fly such flags as Clarion, Comfort Inn, Quality and Sleep Inn, reports globest.com.
"There is a huge demand in the hotel and hospitality sector in the Indian Nation primarily in the under-represented three-, four- and five-star category," Riric CEO Manoj Benjamin explains in a release. "This strategic partnership was forged to address these issues."
The venture will further establish Riric's position in the Indian hotel arena, he adds, part of a multi-faceted investment into the country that began in 1999. Featuring offices in Vancouver , England ; London ; and Bangalore , India , Riric is creating new transit and sewage infrastructure, and is also active in modernizing India 's commercial, housing and technology sectors to meet the demands being placed on the rapidly growing economy.
The deal with Choice Hotels will put Riric's direct investment into the country to date at more than $6 billion
Choice Hotels India already has a substantial presence in India , but company officials maintain the market fundamentals can support additional exposure. Noting that the entire country has just 110,000 hotel rooms, about the same as New York City-based Choice Hospitality India CEO Vilas Pawar says the aim is to capture "the growing inbound, outbound and domestic travel sectors across the country," with hotel demand outstripping supply in most areas.
Choice Hotels India is a master franchisor of Choice Hotels International and already has hotels in 22 Indian cities, including Chennai, Lucknow , Nashik, New Delhi , Shimla, Trivandrum and Vijayawada .
Including the construction of 12,000 rooms, the Riric contract calls for Choice Hotels India to brand and manage upwards of 15,000 rooms.
Details at http://www.globest.com |
