Parsvnath, Fortune Park enter into MOU for hotels
Parsvnath Hotels, a subsidiary of Parsvnath Developers LW, has signed a memorandum of understanding with Fortune Park Hotels, to manage 50 hotels across the country in next three to five years.
By INDIATIMES NEWS NETWORK |
MUMBAI: Parsvnath Hotels, a subsidiary of Parsvnath Developers LW, has signed a memorandum of understanding with Fortune Park Hotels, to manage 50 hotels across the country in next three to five years.
The company will be investing of Rs 2,500 crore in hotel projects. The strategic tie-up is for 20 five-stars, 20 four-stars and 10 three-star hotels. Under the agreement Parsvnath will own and develop the hotels and management will done by Fortune Park, a wholly owned subsidiary of ITC Ltd. ITC Welcomgroup manages more than 80 hotels under different brands in India.
The hotels would run under the brand name of Fortune Select, Fortune Park, Fortune Inn and Fortune Faith and will be having. Fortune Select hotels would have 100 rooms, Fortune Park would have 75 and other brands would have 50 rooms.. All of these hotels would be operational by 2010. The first among these is expected to be operational by first quarter of 2009.
The company is planning to develop 75-100 hotels in tier-Il, tier-Ill and all the major cities across country. For these, Parsvnath Developers is eyeing strategic locations like
Delhi, Mumbal, Kolkata, Channal, Pune, Udaipur, Jaipur, Navi Mumbai, Agra, Bangalore, Shopal, Raipur, Jalandhar, Ludhiana, Vadodhra, Manesar, Surat, Aurangabad, Gandhinagar, Nagpur, Jaisalmer and Noida to develop hotels
At 13:25 pm, Parsvnath Developers shares were up 5.77 per cent at Rs 285 on BSE.
The company will be investing of Rs 2,500 crore in hotel projects. The strategic tie-up is for 20 five-stars, 20 four-stars and 10 three-star hotels. Under the agreement Parsvnath will own and develop the hotels and management will done by Fortune Park, a wholly owned subsidiary of ITC Ltd. ITC Welcomgroup manages more than 80 hotels under different brands in India.
The hotels would run under the brand name of Fortune Select, Fortune Park, Fortune Inn and Fortune Faith and will be having. Fortune Select hotels would have 100 rooms, Fortune Park would have 75 and other brands would have 50 rooms.. All of these hotels would be operational by 2010. The first among these is expected to be operational by first quarter of 2009.
The company is planning to develop 75-100 hotels in tier-Il, tier-Ill and all the major cities across country. For these, Parsvnath Developers is eyeing strategic locations like
Delhi, Mumbal, Kolkata, Channal, Pune, Udaipur, Jaipur, Navi Mumbai, Agra, Bangalore, Shopal, Raipur, Jalandhar, Ludhiana, Vadodhra, Manesar, Surat, Aurangabad, Gandhinagar, Nagpur, Jaisalmer and Noida to develop hotels
At 13:25 pm, Parsvnath Developers shares were up 5.77 per cent at Rs 285 on BSE.
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