Vedic Hotel Chain

[Guest guest]

Shristi hotels to embrace Vedic age

A STAFF REPORTER

Calcutta, Feb. 19: Shristi Urban Infrastructure Development Limited,

a 60:40 joint venture between Shristi Infrastructure Development

Corporation and the Housing & Urban Development Corporation (Hudco),

is mulling over a pan-India hotel chain under the brand name Vedic

Hotels.

 

During the next 15 years, the company plans to come up with 75

properties that will have a strong focus on traditional Indian

lifestyle.

 

The construction of the first property will commence in 2008, said

Sujit Kanoria, managing director, Shristi Urban Infrastructure

Development Ltd. He pointed out that this would be the first time

that Shristi would build up a management team to take charge of the

Vedic Hotels project without roping in an operating partner.

 

The chain would be a combination of two, three, four and five star

properties depending upon the location and requirement and would be

named as Vedic Motels, Inns or Hotels.

 

The properties will be built in metros, cities and towns.

 

"We are right now in the stage of finalising the locations for the

first phase development," Kanoria mentioned.

 

The project cost will be met through internal accruals depending on

phase-wise investment. The company may also consider raising money

from the capital market.

 

For Shristi Infrastructure, this is the first step in developing a

hospitality division in joint venture with Hudco.

 

"Hudco is open to joint ventures in real estate and infrastructure

but the shape of the subsequent projects would depend on the market

demand. Hudco officials on the board will monitor the progress of

these projects on a regular basis," said P.S. Rana, chairman and

managing director, Hudco.

http://www.telegraphindia.com/1060220/asp/business/story_5870068.asp