The Hindu Business Line : Rendezvous, XS Real venture to set up hotel chain

Chennai, Sept. 12 Rendezvous Hotels & Resorts International, a subsidiary of the Singapore-based Straits Trading Company Ltd, is floating a joint venture with Chennai-based XS Real Properties Pvt Ltd to introduce its international hotel chain in India.

Addressing a press conference here on Friday, Mr Alan Featherby, Chief Executive, Rendezvous Hotels, said the joint venture, Rendezvous India Hospitality Pvt Ltd, will set up a chain of Rendezvous hotels’ brands — the Rendezvous in the four-star category and Marque, a boutique hotel chain.

The joint venture is a management company that will have a capital base of about S$1,000,000. It will initially concentrate on establishing hotels in South India, where the local partner has a strong presence, and then enter other markets, he said.

Mr S.G. Prabhakharan, Vice-Chairman, XS Real, said that Rendezvous Hotels will hold 51 per cent stake in the joint venture with XS Real 49 per cent.

Deal detail

The foreign partner will operate and manage the hotels while the local partner would act in facilitating the projects here and help identify markets where the hotels can come up.

XS Real has a presence in residential projects’ development and the hospitality sector with a chain of serviced apartments. The company has tied up with Government of Singapore Investment Corporation, a $100-billion global investment management company, to promote two residential projects in Chennai.

Rendezvous Hotels operates a chain of 19 hotels in the Asia-Pacific region and is expanding into China and West Asia.

More Stories on : Alliances & Joint Ventures | Hotels

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page