Hospitality giant Bharat Hotels adopted their first brand identity ‘The Lalit’ on Wednesday, as their franchise agreement for the New Delhi hotel with the InterContinental, had come to an end on November 18, 2008.

According to Jyotsna Suri, Chairperson and MD, Bharat Hotels Limited, “Our partnership with the InterContinental brand reached its culmination yesterday and we did not want to renew the agreement as according to InterContinental's new policy, they do not allow franchise anymore."

Ms. Suri further stated, "Our Mumbai and Goa hotels are going to be renamed as The Lalit, Mumbai, and The Lalit, Goa, in 18 months time, when their franchise deals come to an end.”

Following suit, all the operating hotels under Bharat Hotels are renamed as The Lalit Grand Palace Srinagar, The Lalit Ashok Bangalore, and The Lalit Laxmi Vilas Palace Udaipur and The Lalit Temple View Khajuraho. She also mentioned that after the successful bid of the 168-year old `Great Eastern Kolkata' in 2005, the group will re-open the heritage hotel shortly as The Lalit Great Eastern Kolkata.

On reductions of tarrifs and development, Mr. Suri told that the group has plans to invest Rs 1200 crore. Rs 600 crore will be invested through internal accuruals while the rest will be raised as debt from various financial institutions. The company doesn’t have any plans for IPO as the stock markets are undergoing bear phase and investor sentiment is weak as well.

The group has no immediate plans to reduce hotel tariffs. The company has seven hotels, which are operational; 10 others are at various stages of development.