Parsvnath to build four star hotel in Lucknow

August 6th, 2008 - 5:32 pm ICT by IANS  


New Delhi, Aug 6 (IANS) Leading real estate firm Parsvnath Developers will set up a four star hotel in Lucknow as part of its plans to enter the hospitality sector, the company said Wednesday. The hotel, which will see an investment of Rs.250 million, will come up on an area of 150,000 square feet and will have 130 rooms.

The four star hotel will also have a shopping complex in its premises, a company official said.

The hotel will be managed by Fortune Park Hotels, a subsidiary of ITC Ltd, which owns hospitality chain ITC Welcome Group. Fortune park was set up in 1995 to cater to the mid-priced market segment.

According to the Parsvnath official, the company is “looking for a major expansion in tier-II and tier-III cities.”

After Lucknow, the group is planning to construct hotels in Varanasi, Allahabad, Meerut and Kanpur in Uttar Pradesh.

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