IFCI Infrastructure Development Ltd (IIDL) has reportedly signed a contract
with Frasers Hospitality (Singapore) to manage its serviced apartments property
named Fraser Suites in New Delhi.
The management contract for ten years is for the nine-storey, 90-unit
property spread over one acre, which is being developed by IIDL. However, the
details on total investment in the project and revenue sharing model for the
contract have not been disclosed. The cost of land for the project is Rs 60
crore.
Frasers plans to manage 600 units in separate developments scheduled to open
in India by 2012. It has lined up projects in Chennai, Bangalore and Gurgaon.