Parsvnath Hotels, a
wholly-owned subsidiary of Delhi-based real estate developer Parsvnath
Developers and Bangalore-based Royal Orchid Hotels have formed a joint venture
to develop 10 hotels at an investment of Rs.500 crore.
These projects include
construction of four five-star and four four-star hotels to be developed in next
five years. The JV will also develop resorts and service apartments.
Parsvnath Developers
plans to have at least 17 hotels across 13 cities operational by 2011. The
company recently tied up with tobacco and hotel company ITC to manage 50 hotels,
comprising over 4,000 rooms, across the country in the next five years.
Parsvnath also plans to tie up with international hotel chains to manage more
hotels it plans to build. Royal Orchid Hotels runs seven hotels and resorts in
Bangalore, Mysore and Jaipur.
Also See:
Parsvnath,
ITC signs MoU to develop hotels