Parsvnath Developers in joint venture with Royal Orchid Hotels Ltd; to develop 10 hotels and invest Rs500 crore over five years
20 Feb 2008
Parsvnath Developers Ltd has entered a joint venture through its subsidiary, Parsvnath Hotels Ltd (PHL) with hospitality group Royal Orchid Hotels Ltd (ROHL), to float a new joint venture company, Parsvnath Royal Orchid Hotels, that plans to operate around 1,000 rooms in the 3-star to 5-star categories.
Royal Orchid, which would own a minority 30-per cent stake in the venture will hold the development and management contract for the properties that Royal Hotels, the majority partner in the new joint venture firm, plans to locate across country.
Under the agreement, Parsvnath Royal Orchid Hotels proposes to develop 10 hotel projects in the next five years across India - four 5-star properties, four 4-star and two 3-star hotels, resorts and serviced apartments, at an investment of over Rs 500 crores spread across three to five years.
