The Royal Indian Raj International Corporation has announced a tie-up with Choice Hotels India to build 100-125 budget hotels in Delhi, Mumbai, Hyderabad, Bangalore, Goa and Pune by 2010.
Choice Hotels will manage and run the hotels under its four existing brands -- Comfort, Quality, Sleep Inn and Clarion, according to the announcement. The hotels, in the 2 to 4 star category, will have room rents ranging from Rs 1,800 per day to Rs 10,000. Choice Hotels India will develop, brand and manage an additional 15,000 rooms in the country.
According to Royal Indian chairman and CEO Manoj C Benjamin, the company plans to invest $2-3 billion in this project, spread over the next three years. This is part of its pan India foray into the real estate sector under its integrated township programme and in the hospitality and resort sector.
"We are being funded by UK-based Global Emerging Markets Global Yield Fund," Benjamin said.
Royal Indian has identified locations in each of the cities for its hotel project and is awaiting government clearances. Second rung cities such as Kochi, Kanpur and Nagpur will be covered in the second phase of the hotels project.