Real estate major ventures into hospitality with Ramada tie-up

Pune-based promoter and developer, the Amrut Runwal Group, is all set to venture into the hospitality industry. The group will begin with a five star property in Pune, which is scheduled to open by June 2009.

“In order to diversify business operations, the Amrut Runwal Group decided to enter the hospitality industry. Since Pune is an upcoming IT hub, the demand for hotels is increasing. Hence we started our hospitality business in this city,” says Ankush Parakh, Vice President, Amrut Runwal Group. The Ramada, the brand owned by Wyndham Hotel Group will be franchisor for the property. Amrut Runwal group plans to have four five star properties in India (which includes the Pune property) by 2013. The company is in talks with various hoteliers for management contracts. The group plans to raise funding for this property through private equity.

This entry was written by admin, posted on April 16, 2008 at 7:45 am, filed under Real Estate News and tagged , , , , , , , , , , , . Bookmark the permalink. Follow any comments here with the RSS feed for this post. Trackbacks are closed, but you can post a comment.

One Comment

  1. NITIN M PRAJAPATI
    Posted January 3, 2009 at 10:20 am | Permalink

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