Parsvnath-Royal Orchid ties up to develop and manage hotels

Mumbai, Feb 20 (UNI) Real estate major Parsvnath Developers Ltd and hospitality major Royal Orchid Hotels Ltd (ROHL) have entered into a joint venture amounting to Rs 500 crore, to develop and manage hotels across the country.

The JV company will operate under the name,''Parsvnath Royal Orchid Hotels'' and will develop 10 hotel projects in next five years, including four 5-star, four 4-star and two 3-star hotels, resorts and service apartments.

At least 1000 rooms would be built under this joint venture, the company informed BSE.

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