Sarovar Hotels to manage Plaza Hotel in Chennai
In its efforts to gain larger footprint in the southern soil, multi-brand hotel Sarovar Hotels has inked an agreement with Ferdous Hotels to manage a five-star Park Plaza hotel.
By TNN |
CHENNAI: In its efforts to gain larger footprint in the southern soil, multi-brand hotel Sarovar Hotels has inked an agreement with Ferdous Hotels to manage a five-star Park Plaza hotel.
The hotel located on Radhakrishna Salai in Mylapore, within very close proximity to the central business district of Chennai, is expected to open by 2008.
The 140-room hotel will have banqueting and conferencing facilities, a coffee-shop, speciality restaurant, roof top dining and a bar besides a state-of-art business centre and a health club.
"Park Plaza Chennai will add to our existing presence in Chennai and south India . The south tourism and MICE market is aggressively growing and there is a definite requirement of more number of hotels and rooms," Sarovar Hotels executive director Ajay Bakaya told ET.
He, however, declined to give details about the investment and the revenue sharing arrangements. "It will be on a long-term franchise agreement. We feel Chennai has scope to accomadate more hotels and this will be targeted at the premium segment considering the growth in the IT and automotive segment," he added.
Sarovar Hotels currently franchises and markets 35 hotels and resorts under the Park Plaza, Park Inn, Sarovar Premiere, Sarovar Portico and Hometel brands. The brands encompasses three, four and five star categories. It is planning to add an-other five within a year.
Private equity majors Bessemer Venture Partners and New Vernon Pri-vate Equity have invested in Sarovar Hotels last year, he added.
Sarovar Hotels is associated with the Indian School of Business, Hyderabad (Corporate Hospitality Services) and Club Mahindra Holidays (Alliance Partners). Geoffrey's, Sarovar's English Pub brand, operates in 10 cities in India, including Chennai.
The hotel located on Radhakrishna Salai in Mylapore, within very close proximity to the central business district of Chennai, is expected to open by 2008.
The 140-room hotel will have banqueting and conferencing facilities, a coffee-shop, speciality restaurant, roof top dining and a bar besides a state-of-art business centre and a health club.
"Park Plaza Chennai will add to our existing presence in Chennai and south India . The south tourism and MICE market is aggressively growing and there is a definite requirement of more number of hotels and rooms," Sarovar Hotels executive director Ajay Bakaya told ET.
He, however, declined to give details about the investment and the revenue sharing arrangements. "It will be on a long-term franchise agreement. We feel Chennai has scope to accomadate more hotels and this will be targeted at the premium segment considering the growth in the IT and automotive segment," he added.
Sarovar Hotels currently franchises and markets 35 hotels and resorts under the Park Plaza, Park Inn, Sarovar Premiere, Sarovar Portico and Hometel brands. The brands encompasses three, four and five star categories. It is planning to add an-other five within a year.
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Private equity majors Bessemer Venture Partners and New Vernon Pri-vate Equity have invested in Sarovar Hotels last year, he added.
Sarovar Hotels is associated with the Indian School of Business, Hyderabad (Corporate Hospitality Services) and Club Mahindra Holidays (Alliance Partners). Geoffrey's, Sarovar's English Pub brand, operates in 10 cities in India, including Chennai.
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