Parsvnath sees room for 5 hotels in Gujarat

To pump in Rs 500-750 crore over 3-5 years.

Parsvnath Developers plans to pump in Rs 500-750 crore for developing 4-5 hotels in Gujarat. The developer, through its subsidiary Parsvnath Hotels Ltd, had recently signed a memorandum of understanding (MoU) with Fortune Park Hotels Ltd (FPHL), a wholly-owned subsidiary of ITC Ltd, to manage 50 hotels across the country in the next three to five years.

PHL plans to make an investment of approximately Rs 2,500 crore in these hotel projects. The strategic tie-up would have 20 five-stars, 20 four-stars and 10 three-stars and budget hotels.

"We plan to develop hotels in Ahmedabad, Surat, Gandhinagar, Vadodara and Rajkot in a span of three to five years. We had earlier signed an MoU with the Gujarat government for developing integrated townships. All the hotels in the state may not necessarily be under the FPHL MoU," said Deepak Mowar, vice-president(hotels), Parsvnath Developers.

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 Dehra Dun in the first phase.

All these hotels would be operational by 2010. The first among these is expected to be operational by the first quarter of 2009. Work on the upcoming five-star hotel in the Vejalpur area of Ahmedabad has already been initiated.

The FPHL hotels would run under the brands Fortune Select, Fortune Park, Fortune Inn and Fortune Faith. More than 4,000 rooms would be constructed under these brands for different categories. Fortune Select hotels would have at least 100 rooms, Fortune Park 75 or more rooms while the other brands would have at least 50 rooms.

Parsvnath is also developing hotels at Shirdi, Mohali, Hyderabad, Ahmedabad, Goa, Gurgaon, and Kochi among others.