Millennium & Copthorne (M&C) hotel group has joined up with Indian firm Rakindo Developers to develop hospitality projects in India.
The move marks M&C’s first entry into India, where it plans to develop two hotels in Chennai and Bangalore.
The two firms are also looking to develop hotels in Southern India.
M&C’s two new hotels will be aimed at business travellers, with the 120-room Chennai hotel planned to open in 2009 and the 300-room in Bangalore in 2010.
Room prices in India have seen “aggressive Revpar growth” due to the shortage of hotel accommodation in key cities, according to recent figures released at the Arabian Hotel Investment conference (AHIC).
M&C chairman, Kwek Leng Beng, said: “The group’s first foray into India is to take advantage of the rapid growth of the Indian economy. With very high room rates throughout India, we believe there is demand for a well-designed product catered to the business traveller who may be unwilling to pay five-star hotel rates.”
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