In yet another international foray after Pierre in New York and Blue in Sydney, the Indian Hotels Co. Ltd. has signed a 10-year management contract with the Dubai-based property developer ETA Star for a luxury hotel and residential apartment complex in at the Palm Jumeirah Crescent, reports

www.ehotelier.com quoting NDTV Profit.

Indian Hotels' Taj Hotels brand will operate and manage the Taj Exotica resort and spa and the Grandeur Residences as part of its plan to expand into fast-growing international markets. "We've said we want to grow our presence outside of India and Dubai is an important location, which gives Taj a presence in one of the most dynamic markets," Indian Hotels Chief Executive Raymond Bickson told a news conference.

ETA Star will develop the $330-million project, which will comprise a luxury hotel and 200 luxury residential apartments for sale and lease, overlooking the famed man-made Palm island. The property will be operational in the first quarter of 2006.

The apartments will be priced from US$520,000 for a one-bedroom unit to US$3.5 million for a four-bedroom villa. The hotel rooms are likely to be priced at between US$350 and US$500, Bickson said. Indian Hotels last month signed a marketing alliance with South Korea's Shilla Hotels, similar to the one it has with Singapore's Raffles Hotel. Last July, it took over the lease of New York's Pierre Hotel for a period of 30 years.