Peninsula Land partners Arrow Webtex in hospitality venture

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New Delhi, May 20 (UNI) Peninsula Land Ltd today said it has formed a joint venture with Arrow Webtex Ltd to build Business Hotels.

In the first phase, an equity infusion of about Rs 100 crore is envisaged by both the JV partners in equal proportion; and the JV intends to build 10 hotels of 100 rooms each, a company statement said.

The JV plans to enter Mumbai, Pune, Nagpur, Nashik, Kolhapur, Ahmedabad, Surat, Jamnagar, Mundra port and Goa, it added.

The hotels in the first phase are expected to be operational in the next 30 months.

Phase two will see the penetration in the southern markets targeting the states of Karnataka, Tamil Nadu, Andhra Pradesh and Kerala.

UNI SR AB KN1158

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