Parsvnath and ITC join hands

Parsvnath Developers Ltd has announced that Parsvnath Hotels Ltd (PHL), a subsidiary of Parsvnath Developers Ltd, has signed a MoU with Fortune Park Hotels Ltd (FPHL), a wholly owned subsidiary of ITC Ltd, to manage 50 Hotels across the country in next three to five years.

PHL plans to make an Investment of approximately Rs 2500 crore in these hotel projects. The strategic tie up would have 20 five-stars, 20 four-stars and 10 three-stars & budget hotels.

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. More than 4000 rooms would be constructed under these brands for different categories. Fortune Select hotels would have at least 100 rooms, Fortune Park would have 75 or more rooms & other brands would have at least 50 rooms & more.

Parsvnath is currently coming up with 17 hotel projects of which FPHL would manage seven projects in Ranchi, Lucknow, Indore, Jodhpur, Ujiain, Chandigarh Film City and Dehradun in the first phase. All of these hotels would be operational by 2010. The first among these is expected to be operational by first Quarter of 2009. Parsvnath 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.

The Company is planning to develop 75-100 hotels in tier-II, tier-III and all the major cities across country. For these, Parsvnath Developers 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.

ITC Welcomgroup manages more than 80 hotels under different brands in India and is termed as the biggest Hotel Ownership & Management Company. The Company has brands like ITC Luxury Collection, Shereton, Welcomhotel, Fortune Hotels and Welcom Heritage under its umbrella.