Millenniumand Copthorne Hotels is making its first foray into India, announcing a joint venture company there with Rakindo Developers to develop hospitality projects.
M & C Rakindo Hospitality will develop two hotels in Chennai and Bangalore. The JV partners are also looking into developing more hotels in South India. Under this agreement, M&C Rakindo Hospitality plans to develop hotels targeting business travellers.
M&C said the two new hotels would be managed under a new urban brand aimed at offering “affordable contemporary business hotels” to the market. The JV partnership will inject equity investments of up to US$100 million. Chairman of Millennium and Copthorne Hotels plc, Kwek Leng Beng, said: “With very high room rates throughout India, we believe that there is demand for a well-designed product catered to the business traveller who may be unwilling to pay five-star hotel rates.”
The fi rst hotel to be completed will be in Chennai’s vibrant T Nagar area. It will have 120 keys and expected to be completed next year. The second hotel – expected to be ready in 2010 – is in Bangalore located in Whitefield, a key IT district housing offices of major international IT giants.
Comments are closed.