New Delhi, Sept 20: Realty firms Assotech Ltd and Supertech Ltd today said they have formed a Joint Venture company(JV) to construct a five star hotel for Radisson Hotel International Inc in Rudrapur, infusing an investment of about Rs 150 crore.
The Industry Ministry's Project Approval Board (PAB) on April 11 had given go-ahead to Radisson Hotels International Inc to set up and operate its hotel in Rudrapur, Uttarakhand.
''The JV envisages to design, bulid, furnish and equip Radisson Hotel Metropolis in two years,'' said Assotech Ltd Managing Director Sanjeev Srivastva.
The JV, Doon Valley Technopolis Pvt Ltd, is a 50:50 undertaking between both the companies, he added.
The hotel property is a part of an intergrated facility comprising retail and entertainment space spread across 4.7 acres of land.
The hotel will have 120 rooms comprising standard rooms, suites and presidential suites with conference and banqueting facility which can accomodate more than 2,000 people at one point of time.
The JV has been spurred against the backdrop of a two billion dollars investment by India Inc in Rudrapur.
Such a big-ticket investment has fired the real estate market in and around Rudrapur. Residential real estate prices have scaled to Rs 1,750 per square foot and the Radisson will be the first five star hotel in the Kumaon region.
Parle Biscuits has already booked 30 apartments in Assotech's metropolis.