Royal Orchid

New Delhi, Feb 20: Royal Orchid Hotels Ltd today said it has inked a joint venture (JV) with Parsvnath Hotels, a wholly-owned subsidiary of Delhi-based real estate developers Parsvnath Developers, to develop ten hotels at an investment of Rs 500 crore.

Parsvnath holds a majority stake in the JV and will be called Parsvnath Royal Orchid Hotels Pvt Ltd, said a statement.

Started in 1973 by Chender K Baljee, the Baljee Group (re-branded as Royal Orchid Hotels), it had its first hotel in Bangalore and currently has nine operating hotels. The group plans to expand nationwide by 2010.

UNI