Realty firm Parsvnath Developers on Monday said it will foray into the budget hotel segment and has tied up with Choice Hotels International to offer 20-25 properties across the country.
The company’s wholly-owned subsidiary, Parsvnath Hotels, has joined hands with various existing small hotel owners and will refurbish their properties to offer them to Choice Hotels International which will manage them.
“We will launch the first hotel property in Delhi within this month. The property will be handed over to Choice Hotels for management and it will have 40 rooms,” Parsvnath Developers chairman Pradeep Jain told reporters. The company will offer 5-7 more hotels by the end of March 2012, he added. “After that, we will b inaugurating 10 hotels in every quarter. All the hotels will be having 35-60 rooms each,” Jain said.
When asked about the company’s association with the small hotel owners, he said: “We will be having a revenue sharing model with every hotel.” Parsvnath Hotels is currently developing 12 hotels across the country. These properties will be managed by ITC’s Fortune Park Hotels and Royal Orchid Hotels.
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