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Choice Hotels to build 15,000 budget-style hotel rooms throughout India
The Royal Indian Raj International Corporation (RIRIC) today announced that it has entered into a contract with Choice Hotels India to build 15,000 budget-style hotel rooms under the Comfort Inn, Quality, Sleep Inn and Clarion Brands. "This transaction increases RIRIC's current proposed foreign direct investment in the real estate sector under the Integrated Township program and in the Hospitality and Resort sector to over $6B USD" including its Royal Garden Villas & Resorts projects in Bangalore & Hyderabad. RIRIC's hotel initiatives are set to commence over the next 12 months throughout India.
Hotel vacancies in India are rare -- and costly. "India is reaching a new level of demand for hotel rooms. As the economy continues to grow, travelers are paying for pricey hotel rooms -- that's if they're able to find a vacancy. In all of India, there are only about 110,000 hotel rooms, not much more than the number of hotel rooms in New York City," according to the International Herald Tribune.
"Our association with a world leading hotel chain the caliber of Choice Hotels represents an ongoing commitment to excellence for Royal Indian Raj International Corporation. There is a huge demand in the Hotel & Hospitality sector in the Indian Nation primarily in the under represented 3, 4 and 5 star categories. This strategic partnership was forged to address these issues and to establish RIRIC's presence in the hotel and hospitality sector in India. The hotel developments under these Choice brands will be focused on providing quality accommodations and falls within RIRIC's corporate mandate of being "Leaders in Building a New India." - Manoj C. Benjamin, Chairman and CEO, Royal Indian Raj International Corporation.
"We are very proud of our association with the Royal Indian Raj International Corporation (RIRIC). In association with RIRIC, Choice Hotels India will develop, brand and manage and additional 15,000 rooms in the country, in all the key destinations across the brands of Comfort, Quality, Clarion and Sleep Inn. Choice Hotels has one of the largest hotel franchising networks in the country and worldwide with presence of over 5000 hotels across the globe. With this significant partnership, we envisage an exponential increase in our existing room base. This would further add to presence of our hotel brands across the country within India. This would also meet the much needed additional room requirement in the country, especially in the mid market segment.
This will define a new era for the burgeoning hotel industry in India.
With our joint expertise in real estate and hospitality business, this relationship would offer the best hotel value for the growing inbound, outbound and domestic travel sectors across the country. We are very excited about this relationship and look forward to mutually beneficial association." - Vilas Pawar, Chief Executive Officer, Choice Hospitality India.
About Choice Hotels
Choice Hotels International is one of the largest and most successful lodging franchisors in the world with over 5000 hotels worldwide. Built on the foundation of the venerable Quality Inn(R) brand a pioneer in consistent mid-priced lodging, Choice Hotels(R) today is the worldwide franchisor of Cambria Suites(TM), Comfort Inn(R), Comfort Suites(R), Quality(R), Sleep Inn(R), Clarion(R), MainStay Suites(R), Suburban Extended Stay Hotel(R), Econo Lodge(R), and Rodeway Inn(R) brand hotels. Publicly traded since 1996 (NYSE: CHH), Choice Hotels continues to lead the lodging industry as an innovative and growing company.
Choice Hotels India is part of Choice Hotels International, offers economy to luxury accommodation under the international brands of Comfort, Quality, Clarion and Sleep Inn. Choice Hotels India has consolidated its position as India's leading chain of value for money hotels in the mid-market hotel segment. It is one of the fastest and finest growing hotel chains with 30 properties over 22 destinations in India with a presence in all metros and major business cities and leisure destinations. Our presence in all the gateways proves that the chain is widely accepted by business as well as leisure travelers who recognize and trust the brand. These hotels are in various destinations including New Delhi, Mumbai, Chennai, Ahmedabad, Aurangabad, Hyderabad, Lucknow, Trivandrum, Shimla, Manali, Mussoorie, Corbett, and Pune, Nashik, Chiplun, Vijayawada.
About Royal Indian Raj International Corporation
Royal Indian Raj International Corporation, (RIRIC), incorporated in Nevada, USA, in March 1999 with offices in Vancouver, London, and Bangalore, India, maintains a country-specific, 5-sector heavy infrastructure orientation, focused on the free world's largest emerging market, India. The company's goal is to develop the New India by modernizing housing and businesses and realizing self-sustaining cities of the future. RIRIC implements leading-edge technologies and products in strategic alliance with world-class international corporations. Partnered with these international leaders in their respective fields, RIRIC is focused on five of India's priority infrastructure sectors using a vertically integrated business strategy: Urban Infrastructure & Housing, Road Building & Recycling, Broadband Communications & IT Networks, eCommerce/IT & Education Applications, and Broadcast Content, Entertainment & Theme Parks.
RIRIC's proposed city projects, Royal Garden City - Bangalore, and the Royal Garden Marina City and Financial Harbor - Mumbai, are the first of six cities planned by the company. RGC Bangalore is a proposed 3,000 acre sub-city development situated between downtown Bangalore and the new Bangalore International Airport. The estimated USD $8.97 billion integrated Live/Work/Play development will feature over 146.36 Million Sq. Ft. of residential, commercial and industrial space to accommodate the burgeoning Bangalore market and has been planned and designed by the former Singapore Public Works Dept. The project is fifteen times the size of Canary Wharf in London, England.
RIRIC's Royal Garden Marina City and Financial Harbor, will cover an area of 5,000 acres, and is to be situated 16 nautical miles from the Gateway of India in downtown, Mumbai. It is estimated to be Asia's largest real estate development and India's first smart city, with over 100 million square feet of high-tech retail, medical, education and housing facilities. The project comprises over 50,000 residential units, a central business district, industrial district, entertainment district, parks, restaurants, shopping, educational facilities and civic amenities. An estimated 400,000 to 600,000 people are expected to live, work and play within the city daily.
Royal Indian Raj International Corporation (RIRIC) is currently selling Phase I of its inaugural Royal Garden Villas & Resorts project in Bangalore. Phase II and III will hitting the markets in Q2 of 2007 as will its Royal Garden Villas and Resorts Hyderabad development situated on 450 acres near the new Hyderabad International Airport. RIRIC will also be launching its Royal Garden Villas and Resorts brand in Mumbai, Goa, Delhi, Chennai and Pune over the next 12-18 months.
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