Parsvnath, ITC to manage 50 hotels

Fortune Park to put Rs 2,500 cr in the venture to construct 4,000 rooms.

Parsvnath Hotels, a subsidiary of Delhi-based Parsvnath Developers, has signed a memorandum of understanding (MoU) with ITC's Fortune Park Hotels to manage 50 hotels across the country in five years.

Park Hotels plans to invest around Rs 2,500 crore in the new venture. The tie-up plans to develop 20 five-star, 20 four-star and 10 three-star and budget hotels.

According to the agreement, Parsvnath will own and develop the hotels and Fortune Park Hotel will manage them. The hotels will run under the brand name of Fortune Select, Fortune Park, Fortune Inn and Fortune Faith.

More than 4,000 rooms will be constructed under these brands in different categories. Fortune Select hotels will have at least 100 rooms, Fortune Park will have 75 and the other brands will have at least 50 rooms.

Parsvnath is coming up with 17 hotel projects and Fortune Park Hotels will manage seven projects in Ranchi, Lucknow, Indore, Jodhpur, Ujjain, Chandigarh Film City and Dehradun in the first phase.

All these hotels would be operational by 2010. Parsvnath is also developing hotels in Shirdi, Mohali, Hyderabad, Ahmedabad, Goa, Gurgaon and Kochi.

The company is planning to develop 75-100 hotels in tier-II, tier-III cities. Parsvnath Developers is eyeing 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.

ITC Welcomgroup manages more than 80 hotels under different brands in India and is termed as the biggest hotel ownership and management company.

The company has brands such as ITC Luxury Collection, Sheraton, Welcomhotel, Fortune Hotels and Welcom Heritage under its umbrella.