Bestech forms SPV with Carlson Hotels | india | Hindustan Times
Today in New Delhi, India
Dec 08, 2016-Thursday
-°C
New Delhi
  • Humidity
    -
  • Wind
    -

Bestech forms SPV with Carlson Hotels

india Updated: Dec 26, 2007 22:39 IST
Varun Soni
Varun Soni
Hindustan Times
Highlight Story

Delhi-based real estate developer Bestech Group has entered into a tie-up with international hospitality major Carlson Group to bring the latter’s hotel brands into India.

A special purpose vehicle (SPV), Bestech RSW Hospitality, has been formed for this purpose and would be operational from March 2008. The SPV, which is on a 50:50 sharing basis between Bestech and Carlson, has lined up new hotel properties under the Carlson brands of Radisson, Country Inns & Suites and Park Plaza to be operational in the next 3 years at an investment of Rs 350 crore.

The properties include two 200-room Radisson Hotels, 1 each in Indore and Nagpur, an 88-room Park Plaza hotel in Noida, a 120-room Country Inns & Suites at Dharuhera and a 32-room hotel-cum-convention centre in Gurgaon. The company is also planning to double the number of hotels to 12 after 2010. “Till 2010, we will open 1 hotel practically every year. The investment will be Rs 35 lakh per room and with 1,000 rooms being planned, the figure will go up to Rs 350 crore,” said Dharmendra Bhandari, MD, Bestech Group.

For the remaining six hotels, the company is finalising the locations and is in the process of acquiring land. Two cities have already been decided – Vishakhapatnam and Mangalore. Founded in 1990, the Bestech Group has already completed two residential group housing projects of 500 flats each in Gurgaon, with two more similar projects coming up there. In addition to this, the approximately Rs 1,000 crore company also has commercial complexes in Gurgaon, a township at Dharuhera, two IT Parks and an already functional Park Plaza hotel in Gurgaon.

Based in Minneapolis, Carlson Hotels is one of the largest privately held corporations in the world with 2006 systemwide sales, including franchised operations, totaling up to $37.1 billion.