Royal Orchids to start firm with Parsvnath

February 20th, 2008 - 3:55 pm ICT by admin  

Mumbai, Feb 20 (IANS) Bangalore-based Royal Orchid Hotels Ltd (ROHL) Wednesday said it will set up a Rs.50-million joint venture firm with Parvsnath Hotels to develop new properties. The company informed the Bombay Stock Exchange that Parvsnath Hotels, which is a wholly owned subsidiary of realty firm Parvsnath Developers, will hold majority stakes in the venture named Parvsnath Royal Orchid Hotels Pvt Ltd.

The joint venture will develop 10 hotels, including five-star and four-star hotels, ROHL’s Company Secretary A. Someswara Rao told IANS.

The new firm would also build resorts and service apartments, he said.

These projects, comprising a total of 1,000 rooms, will be completed in 5 years, a company official said.

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