Singapore, Dec 10: Singapore-based Ascott Group (Ascott) has signed a joint venture agreement with Rattha Group to acquire its fifth serviced residence in India.
The 218-unit property, to be named Citadines Hyderabad Hitec City, is company's first serviced residence in Hyderabad.
''The addition of Citadines Hyderabad Hitec City puts the group ahead of the target set out under the agreement with Rattha. Ascott now has five properties with more than 1,100 units under development in Bangalore, Chennai and Hyderabad,'' said Ascott's President and CEO Jennie Chua.
The company will invest 407.6 million rupees to acquire a 49 per cent equity stake in Citadines Hyderabad Hitec City.
However, the remaining majority stake will be with Rattha Group.
This latest joint venture is part of Ascott's master development agreement signed with the company in August 2006.