Parsvnath to invest Rs 2,500 cr in hotel projects; partners FPHL

New Delhi, Feb 4 (UNI) Parsvnath Developers Ltd (PDL) today said its subsidiary Parsvnath Hotels Ltd (PHL) has partnered Fortune Park Hotels Ltd (FPHL) to manage 50 hotels across the country in next three to five years and will invest about Rs 2,500 crore in these projects.

''PHL has signed a Memorandum of Understanding (MoU) with ITC Ltd subsidiary FPHL to manage 20 five-stars, 20 four-stars and 10 three-stars and budget hotels,'' said a company statement.

Under the agreement, PHL would own and develop the hotels and FPHL would manage these hotels.

''The hotels would run under the brand name of Fortune Select, Fortune Park, Fortune Inn and Fortune Faith,'' the statement said.

More than 4,000 rooms would be constructed under these brands for different categories, Fortune Select hotels would have about 100 rooms, Fortune Park would have 75 or more rooms and other brands would have around 50 rooms and more, it added.

PDL is currently coming up with 17 hotel projects, of which FPHL would manage seven projects in Ranchi, Lucknow, Indore, Jodhpur, Ujjain, Chandigarh Film City and Dehradun in the first phase.

All of these hotels would be operational by 2010 and the first among these is expected to be operational by first quarter of 2009.

PDL is also developing hotels at Shirdi, Mohali, Hyderabad, Ahmedabad, Goa, Gurgaon, Cochin among others, which will be managed in management contract with other hotel chain.

PDL is planning to develop 75-100 hotels in tier II and III cities along with all the major cities across the country.

''For these, PDL is eyeing strategic locations like Delhi, Mumbai, Kolkata, Chennai, Pune, Udaipur, Jaipur, Navi Mumbai, Agra, Bangalore, Bhopal, Raipur, Jalandhar, Ludhiana, Vadodhra, Manesar, Surat, Aurangabad, Gandhinagar, Nagpur, Jaisalmer and Noida to develop hotels in near future,'' the statement said.

The ITC Welcomgroup manages more than 80 hotels under different brands in the country and is termed as the biggest hotel ownership and management company.

ITC has brands like ITC Luxury Collection, Sheraton, Welcomhotel, Fortune Hotels and Welcom Heritage under its umbrella.

UNI SR PDT DS1412