Search
 

Indian Hotelier Plans $4B Pipeline

NEW DELHI-The goal to expand the hotel stock by 12,000 rooms reflects tight vacancies and a commitment to the free world's largest emerging economy.

By Joe Clements | Updated on April 12, 2007

NEW DELHI-In a $4-billion deal representing more than 10% of the country’s existing hotel inventory, Royal Indian Raj International Corp. has plans to build at least 12,000 budget-oriented rooms nationally. The contract with Choice Hotels India calls for construction to begin during the next 12 months on motels that will fly such flags as Clarion, Comfort Inn, Quality and Sleep Inn.

“There is a huge demand in the hotel and hospitality sector in the Indian Nation primarily in the under-represented three-, four- and five-star category,” Riric CEO Manoj Benjamin explains in a release. “This strategic partnership was forged to address these issues.”

The venture will further establish Riric’s position in the Indian hotel arena, he adds, part of a multi-faceted investment into the country that began in 1999. Featuring offices in Vancouver, England; London; and Bangalore, India, Riric is creating new transit and sewage infrastructure, and is also active in modernizing India’s commercial, housing and technology sectors to meet the demands being placed on the rapidly growing economy. The deal with Choice Hotels will put Riric’s direct investment into the country to date at more than $6 billion.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.