Bangalore-based Phoenix Group Global, a multinational conglomerate, is planning to spend over Rs 500 crore in various hotel, real estate and floriculture projects throughout the country. 

The company plans to fund the proposed investment through debt (70%) and equity (30%).

According to sources, the company would launch hotel projects under its new brand Zuri Hotels and Resorts in Bangalore, Chennai, Ahmedabad, Kochi, Nagpur and Visakhapatnam. 

(PDL), India’s leading real estate company, has informed that it would build a five-star hotel comprising
152 rooms in Ahmedabad.

Parsvnath Hotels, a subsidiary of Parsvnath Developers, has undertaken construction of hotel at Vejalpur, Ahmedabad, which has received five-star category approval from the Ministry of Tourism. The project is located just 14 kms away from the airport and mere 9 kms away from the railway station.

Panoramic Universal, a Mumbai-based company having interests in hospitality and information technology, has informed that it has acquired 51% stake in Sri Vatsa Hotels for an undisclosed amount.

Rendezvous Hotels and Resorts International (RHI) has formed a Joint Venture Company with Chennai-based X S Real Properties Ltd, for managing hotels and resorts in India.

Taj Hotels Resorts and Palaces, operated by Indian Hotels Company Ltd. (IHCL), has launched a new brand, ‘The Gateway Hotel’ to target an emerging guest profile.