Parsvnath Hotels (PHL), a subsidiary of Parsvnath Developers, has signed a memorandum of understanding (MoU) with Fortune Park Hotels (FPHL), a wholly-owned subsidiary of ITC, to manage 50 hotels across the country in next three to five years.PHL plans to make an investment of approximately Rs 2,500 crore in these hotel projects. Under the terms of the strategic tie up, PHL would develop 20 five-star, 20 four-star, 10 three-star and budget hotels, which would be managed by FPHL.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 and other brands would have 50 or more rooms.Parsvnath is currently coming up with 17 hotel projects of which FPHL would manage seven projects in the first phase.These hotels would be operational by 2010. The first among these is expected to be operational by the first quarter of 2009. The company also has plans to develop 75-100 hotels in tier-II, tier-III cities across the country.
