Will develop 3 Clarion brand hotels in India in first phase
The Gupta Group, which runs five-star hotels in Delhi, Mumbai and Kolkata under the Hyatt brand, has formed a new joint venture company with US-based real estate company Hillwood that will develop three hotels with an investment of over US$ 100 million.
The joint venture company - Innova Hotels & Resorts - would exclusively develop and promote the Clarion brand of hotels in India. Hillwood, a Perot company, would have an equity share of 24.9 per cent in the joint venture firm while Gupta Group, which is the developer of Choice Hotels, Asian Hotels and Edenpark Hotels, would hold the rest. Innova would initially develop three 150-room Clarion hotels in Bangalore, Pune and NCR. Land for these properties has already been identified or purchased.
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