Parsvnath Hotels Ltd (PHL), a subsidiary of Parsvnath Developers Ltd, has signed a MoU with Fortune Park Hotels Ltd (FPHL), a wholly owned subsidiary of ITC Ltd, to manage 50 hotels across the country in next three to five years. The strategic tie up would have 20 five-stars, 20 four-stars and 10 three-stars & budget hotels.

PHL plans an investment of approximately Rs.2,500 Crore to develop 75-100 hotels in tier-II, tier-III and all the major cities across country. to develop these projects, Parsvnath Developers is eyeing strategic locations like Delhi, Mumbai, Kolkata, Chennai, Pune etc.

ITC Welcom Group manages more than 80 hotels under different brands in India and is termed as the biggest Hotel Ownership & Management Company. The Company has brands like ITC Luxury Collection, Shereton, Welcomhotel, Fortune Hotels and Welcom Heritage under its umbrella.

Also See: Parsvnath Developers to invest Rs.60,000 crore by 2013