Assotech, Supertech to set up Radission hotel
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.
UNI