Parsvnath to develop 40 more hotels at Rs 2,500 cr(indian stock market)

Real estate major Parsvnath Developers Ltd is looking to invest between Rs 2,000-2,500 crore for the development of 40 more hotels, for which it is talking to leading domestic and international hotel chains for tie-ups.

"We plan to develop 100 properties across India, of which we have already announced plans for 60 hotels. For the other 40 properties we are talking to large hotel chains for a tie up either on the basis of an operational agreement or an SPV," Pradeep Jain, Chairman, Parsvnath Developers Ltd, told Business Line. Last month, the company had announced a joint venture between its subsidiary Parsvnath Hotels Ltd (PHL) and Royal Orchid Hotels Ltd (ROHL) to develop 10 hotel projects in the next five years across India.

While PHL would hold the majority stake of 70 per cent, ROHL would have 30 per cent stake in the joint venture. Royal Orchid Hotels would manage the hotels even as the joint venture company would own and develop these projects.

The construction of the hotels would involve an investment of Rs 500 crore spread across 3-5 years