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NEW DELHI: Realty firm Parsvnath Developers Ltd on Tuesday said it has received 4-star category approval from the Ministry of Tourism for its hotel project in Lucknow. The hotel, comprising 130 rooms, will be developed by its subsidiary 'Parsvnath Hotel s Ltd', while the management would be done by the ITC's arm Fortune Park Hotel Ltd, the company said in a statement.

The mall-cum-hotel project 'Parsvnath Planet Plaza' is spread over 7,778 sq yards with a total developable area of 1.5 lakh sq ft at Gomti Nagar in Lucknow.

“Parsvnath will make an initial investment of Rs 25 crore in the project,'' the statement added. The company is developing a luxury housing project in Lucknow. Parsvnath Hotels had signed a memorandum of understanding with ITC's Fortune Park Hotels in F ebruary this year to manage 50 hotels across the country in five years. Hotels will run under the brand name of Fortune Select, Fortune Park, Fortune inn and Fortune Faith. More than 4,000 rooms will be constructed under these brands.

At present, Parsvnath is developing 17 hotels and Fortune Park Hotel will manage seven projects at Ranchi, Lucknow, Indore, Jodhpur, Ujjain, Chandigarh and Dehradun in the first phase. The company has a plan to develop up to 100 hotels in tier II and III cities. Parsvnath's land bank stands at 211.32 million square feet spanning across 51 cities and 18 states. - PTI

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