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Upfront
Parsvnath, FPHL in MoU to invest Rs 2,500 crore
Real estate major, Parsvnath Developers have signed an MoU with Fortune Park
Hotels(FPHL), a wholly owned subsidiary of ITC, to manage 50 hotels across the
country over the next three to five years. Parsvnath hotels(PHL), a wholly-owned
subsidiary of the Parsvnath Developers, will invest Rs 2,500 in building the
hotel chain. Accordingly, the tie-up would have 20 five-stars, 20 four-stars
and 10 three-stars and budget hotels.
Under the agreement, PHL would own and develop the hotels while FPHL would manage
them. The hotels would be run under the brand name of Fortune Select, Fortune
Park, Fortune Inn and Fortune Faith. More than 4,000 rooms would be constructed
under these brands for different categories.
Speaking on the development, Pradeep Jain, chairman, Parsvnath Developers said,
"India is a vibrant country and is fast emerging as the preferred destination
for tourists on the global map. Hospitality is therefore witnessing an upward
growth in the country."
Parsvnath 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 the hotels are expected to become
operational by 2010, while the first phase will be completed by 2009.
In addition, the company is planning to develop 75-100 hotels in tier-II and
tier-III cities, along with all the major cities across the country. These will
be located in tier-I and tier-II cities like Delhi, Mumbai, Kolkata, Chennai,
Pune and Udaipur, respectively.
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