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ITC arm ties up with Parasvnath Hotels

KOLKATA: Fortune Park Hotels (FPHL), a wholly-owned subsidiary of ITC, has entered into a tie-up with Parasvnath Hotels Ltd (PHL), a subsidiary of Parasvnath Developers, under which Fortune will manage 50 hotels that PHL will set up between 2011 and 2013.

PHL plans to invest about Rs. 2,500 crore in these hotels which will include 20 each in the five and the four-star category and ten three-star and budget hotels. Under the agreement, PHL would own and develop the hotels while FPHL would manage them. More than 4,000 rooms would be constructed under the various brands of Fortune.

Parasvnath is also developing hotels at Shirdih, Mohali, Hyderabad, Ahmedabad, Goa, Gurgaon and Kochi which will be managed through contracts with other hotel chains, the company said in a communication to the stock exchanges.

These projects are part of the Parasvnath Developers’ plans to set up between 75 and 100 hotels in Tier-II and Tier-III cities as also all the major cities. It is scouting for strategic locations in the four metros and also in Bangalore, Pune, Udaipur, Navi Mumbai, Agra, Bhopal, Raipur, Jalandhar, Ludhiana, Vadodara, Manesar, Surat, Aurangabad, Gandhinagar, Nagpur, Jaisalmer and Noida.

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