Zoom Developers bags four sites of IRCTC's budget hotels

New Delhi, Jun 17 (UNI) Real estate major Zoom Developers today bagged four sites of IRCTC's much-hyped 'Rail Ratna' budget hotel project, beating the nearest contenders Essel Infrastructure, Amarjeet Hotels, MGR Emaar, Accor Group and others.

The bids were opened by the Indian Railway Catering and Tourism Corporation (IRCTC) here.

The four hotel sites -- Coimbatore, Pondicherry, Mangalore and Chennai-Egmore -- have been awarded to Zoom Developers for the development of budget hotels of 80, 110, 120 and 170 rooms respectively.

As per the deal, Zoom Developers, in consortium with the Toshali Sands Group, had bid an NPV (Net Present Value) of 26.12 crore, 18.5 crore, 12.02 crore and 45.01 respectively for each site for a period of 30 years.

''These budget hotels will cater to the growing demand of the rail travellers and of the increased demand of the tourist and business traveller visiting the cities/country,'' said Rameet Trehan, Director, Zoom Motels.

Earlier, in the first batch of the 20 Rail Ratna hotels, Zoom Developers, in consortium with the Royal Orchid Hotels, had won bids for 11 sites. Later, out of the second batch of 10 sites, the company won the bid for Bhubhaneshwar, the first of these sites, in July 2007 in consortium with the Toshali Sands Group.

With today's bids, Zoom Developers has bagged 19 hotel sites while Essel and Signet Corporation have won contracts for five and four sites respectively out of the 28 bids opened so far.

Two sites -- Anand Vihar, Delhi and Chennai Central -- have been put in abeyance because of the proposed world class stations.

A company official said the concession agreement terms are being drafted and finalised and the hotel projects will be executed by Commonwealth Games, 2010.

UNI SKS MP KN1851