| Domestic real estate major, Parsvnath Developers is in talks with leading hotel chains from India and overseas to expand its presence in the hospitality space.
The company plans to invest Rs 2,000 crore (US$ 450 mill.) for constructing 14 hotels across India, while it is looking for more projects across the country.
"We are in talks with domestic and global operators to manage our hotels", company's chairman Pradeep Jain told reporters. However, he declined to divulge the names of the operators with whom the company was in talks. The company would soon take a decision in this regard, he said, adding the agreement would be for only operating the hotels and not equity participation.
"We plan to develop 14 hotels across India at a total investment of Rs 2,000 crore, which includes the land cost that the company has already acquired," Jain said, adding the construction would start in three-four months.
The company, which has recently made a grand debut on the capital market by raising over Rs 1,000 crore through its IPO, would develop 2,100 rooms in 4-5 star categories.
The plan to tie up comes close on the heels of real estate major DLF and Emaar MGF entering into joint venture with international hospitality chain Hilton and Accor respectively to develop hotels. The largest publicly traded real estate company, Unitech has also tied up with Marriott for managing its three hotels.
Jain said the company's all the 14 hotel properties would become operational by 2009-10 fiscal.
For complete story, read http://www.zeenews.com
|
