Source : Business Times - 12 Sep 2008
Rendezvous Hotels & Resorts International (RHI), a subsidiary of The Straits Trading Company, on Friday announced a joint venture agreement with Chennai based Indian developer XS Real Properties to expand in the India market.
The joint venture company - Rendezvous India Hospitality Private Limited - will manage hotels and resorts in India, where the government estimates an additional 150,000 hotel rooms are required to meet demand in areas such as Mumbai, Delhi and Chennai.
RHI will own 51 per cent of the JV company and will open and operate the hotels under its management and brands - Rendezvous Hotels & Resorts and Marque Hotels. Meanwhile, XS Real will use its terrain, local market and network expertise to introduce new business opportunities to the JV company.
RHI’s entry into the JV ‘complements our recently announced move into the Middle East and supports our already strong growth in other regional areas, particularly China, South East Asia and Australia,’ said RHI chief executive Alan Featherby.
The JV agreement was signed on Friday in Chennai.
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