The $250-million Rendezvous Hotels & Resorts International has
signed a joint venture with the Chennai-based closely-held XS Real
Properties. A subsidiary of the Singapore-listed Straits Trading
Company, Rendezvous will have 51% stake in the JV. The JV, Rendezvous
India Hospitality (RHI), plans to manage 10 hotels in three years. The
alliance is aimed at serving a market where an additional 1.50-lakh
hotel rooms are needed to meet the demand in metros like Mumbai, Delhi
and Chennai, company officials said. RHI will take care of the
day-today responsibilities, opening and operating the hotels under its
management and brands--Rendezvous Hotels & Resorts (4-star) and
Marque Hotels (3-star). XS Real will use its terrain, local market and
network expertise to introduce new business opportunities. It will
support RHI in understanding the local market conditions, developing
contacts, business and brand-building strategies, besides ensuring a
“secure and prosperous” entry for RHI into this market. RHI chief
executive Alan Featherby said it was quite rare for the company to
enter into joint ventures and this tie-up had fructified after a
yearlong discussion. It was the core values, transparency and synergy
that had resulted in this alliance. Though the ideal time to foray into
the Indian market was three years ago, RHI still found the present
business prospects tremendous. While old international brands and
groups are targeting revenues in the 5-star segment, RHI clearly felt
it would be successful in the 4-star and 3-star categories. Many hotels
in India were looking at upgrading to these two segments, he added. A
CEO from Australia is to spearhead the JV, which is basically aimed at
internalising people and integrating team to other properties across
geographies, Mr Featherby said. XS Real Properties vice-chairman SG
Prabhakharan said the company would use its local knowledge and
expertise to support the JV with infrastructure and opportunities to
sign up hotels under the alliance.
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