Millennium and Copthorne (M&C) Hotels is partnering with India-based developer Rakindo to launch two hotels in southern India to tap into growing demand.
They plan to open at least another 20 properties in the sub-continent over the next five years. M&C is majority-owned Singapore-listed City Developments, which holds a 53% stake in the company.
Business travellers to Bangalore and Chennai are seeing a sharp jump in hotel room rates, and hotel chains like M&C are keen to tap into the growing demand.
M&C and Rakindo are pumping in almost US$100 million each into their joint venture.
"Millenium will be running the business with their technology and Rakindo will be looking after the needs of the joint venture, in terms of sourcing of the land, regulartory approvals and environment management. (Rakindo is) essentially helping the joint ventures implement the projects faster and better, at a better cost," said Kishore K Kothapalli, director of Rakindo Developers.
M&C Rakindo may be the the newest player in India's hospitality market, but it is promising to equip its hotel rooms with smart design features to draw in the independent and tech-savvy traveller.
With India's economy expected to grow at an average of eight percent annually over the next decade, both partners are positive about the outlook.
They are looking to grow both organically and through acquisitions.
"I suppose it will be a combination of both. We're open to either finding new sites to develop or open to acquisitions as and when they arise," said Tan Kim Seng, senior VP of Operations at Millennium and Copthorne Hotels.
The hotel in Chennai will be completed in 2009 while the Bangalore hotel will open in 2010.
The 120-room hotel in Chennai will be located in the T Nagar central commercial district while the 300-room Bangalore hotel will be situated in a key IT district.
Both hotels will feature contemporary, urban-inspired guestrooms with smart design features that promise to make guest stays memorable. Amenities such as modular furniture designed to encourage multi-tasking & productivity, to flat-screen televisions will be provided in each room. - CNA /ls
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