The joint venture, Rendezvous India Hospitality Private Limited will act as a catalyst in RHI's growth, facilitated by XS Real's established and impressive track record in the Indian market as a prominent property developer in this region since 1995.
RHI will own 51% of the JV and will undertake the day to day responsibility for opening and operating the new hotels under its management and brands- Rendezvous Hotels & Resorts as well as Marque Hotels.
XS Real will use its local domain knowledge and experience to introduce new business opportunities for the JV In addition, they will support RHI in understanding local market conditions, developing contacts, business and brand building strategies.
Alan Featherby, CEO of Rendezvous India says that the company will initially concentrate on strengthening business in south India, although the company plans to spread its wings across the country eventually. "We want to manage at least 10 hotels in the next three years in this region," he said, adding the JV would become operational by the year-end.'
"This JV presents a great opportunity for Rendezvous to enter one of the region's fastest growing hotel markets with a reputable local partner. We are thrilled to be working with entrepreneurs of the calibre of Mr. Prabhakaran and his executive team and understand their considerable expertise will mean mutual benefits for both companies", Featherby added.
Mr. S.G. Prabhakaran, Vice Chairman, XS Real Properties informed the media that with an acute shortage of hotel rooms in India across the mid and luxury segment the JV brings in two brands, Rendezvous and Marque which can address the needs of this segment. While explaining the marketing strategy he said, "Stand alone hotels which are not able to retain their market share for the lack of a brand, international expertise, network would be the ideal partners to enter management contracts".
Rendezvous Hotels and Resorts International Group operates 19 hotels in Asia Pacific and Middle East. Among X S Real's other upcoming real estate projects is a large, mixed residential complex at Padur on Old Mahabalipuram Road in Chennai with a built-up area of over three million sq ft, says a company release. |