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Journalism of Courage
Realty firm Parsvnath Developers today 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 companys 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 here.
The company will offer 5-7 more hotels by the end of March 2012,he added.
After that,we will be inaugurating 10 hotels in every quarter… All the hotels will be having 35-60 rooms each, Jain said.
When asked about the companys 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 ITCs Fortune Park Hotels and Royal Orchid Hotels.
The company today reported 41.55 per cent decline in its consolidated net profit for the quarter ended September 30 at Rs 29.09 crore due to higher input cost. The consolidated total revenue,however,increased by 28.77 per cent to Rs 254.92 crore.
