Parsvnath, Marriott likely to sign pact for hotels

NEW DELHI: Delhi-based real estate company Parsvnath Developers is close to tying up with JW Marriott, Starwood, Intercontinental and ITC for several hotels it plans to build, according to a person close to the development. Parsvnath aims to build 17 hotels involving an investment of Rs 2,000 crore by 2011. All these projects are at different stage of implementation.

Parsvnath Developers chairman Pradeep Jain didn’t divulge names, but confirmed that the company through its wholly-owned subsidiary Parsvnath Hotels may soon enter into separate agreements with four to five hotel companies.

“We will have multiple partners to manage our hotels. No one company or brand can fit the different kind of properties we plan to have across the country,” said Mr Jain. None of the partners will have an equity stake in the properties they would manage, but will work for a fee.

Parsvnath plans to own 75-100 hotels in the next five years. Mr Jain is also exploring the inorganic route to achieve this target. “We plan to have hotels in all locations of tourist and religious attraction. We will also buy hotels as and when the opportunity comes,” Mr Jain said.

At present the company is implementing 17 hotel projects, involving 2,600 rooms spread across 13 cities. These projects include nine five-star hotels and three four-star hotels. Most of the 17 hotels are coming up in state capitals or tourist locations.