Oz hotels major forms JV for India operations

CHENNAI: Sydney-headquartered Rendezvous Hotels and Resorts International (RHI) and Chennai-based X S Real Properties Ltd on Friday announced formation of a joint venture company for managing hotels and resorts in India.
    
Signing an agreement to this effect with X S Real, RHI CEO Alan Featherby told reporters that the JV company, called Rendezvous India Hospitality Pvt Ltd, would initially focus on strengthening business in southern India though the company wanted to spread across the country.
    
"We want to manage at least 10 hotels in the next three years in this region," he said, adding the JV would become operational by the year-end.
    
A subsidiary of the Singapore-listed company, Straits Trading Company, RHI would own 51 per cent stakes in the JV, utilising X S Real's terrain and local market network to establish business, besides brand-building for RHI, S G Prabhakaran, Vice Chairman of the city-based property developer, said.
   
Prabhakaran said the JV firm was in talks with developers to manage hotels, but did not elaborate further, since "they are 'premature' in nature".
    
Rendezvous Hotels and Resorts International Group operates 19 hotels in Asia Pacific and Middle East, and among X S Real's other upcoming projects is a large, mixed residential complex at Padur on Old Mahabalipuram Road, with a built-up area of over three million sq.ft, a company release said.