CARLSON Rezidor Hotel Group is joining forces with Bestech Hospitalities to open a bumper crop of Park Inn by Radisson mid-scale hotels in India.
The deal grants Bestech with exclusive rights to develop Park Inn by Radisson properties in central and north India, and will herald a new generation of Park Inn by Radisson targeted at the growing middle class in key emerging markets (TTG Asia e-Daily, February 24, 2012).
Carlson Rezidor will operate the new properties through a management company in which Bestech is a partner. Forty-nine Park Inn by Radissons are scheduled to open by 2024.
To kick off the expansion, Carlson Rezidor and Bestech will invest US$42 million in a joint venture to develop the first two properties, Park Inn by Radisson Gurgaon Sector 88 and Park Inn by Radisson Chandigarh, Mohali.
K.B. Kachru, executive vice president, South Asia, Carlson Rezidor Hotel Group said: “We jointly believe that Park Inn by Radisson provides an effective and compelling investment opportunity for the Indian hotel property market, and we are confident that we will be able to attract additional investors in pursuit of this opportunity.”
The 11 states covered by the partnership include Chattisgarh, Chandigarh, Delhi, Haryana, Himachal Pradesh, Jammu and Kashmir, Madhya Pradesh, Punjab, Rajasthan, Uttar Pradesh and Uttrakhand.
Park Inn by Radisson is currently present in 33 countries, with 127 hotels in operation and 65 in the pipeline.