Millennium and Copthorne Hotels has announced its first foray into India with a joint venture with Rakindo Developers.
The joint company, M&C Rakindo Hospitality, will develop two hotels – a 120-room property in Chennai and a 300-room hotel in Bangalore, aimed at business travellers.
The two new hotels will be managed under a new urban brand, M&C says.
M&C Chairman Kwek Leng Beng says the group’s foray into India is to take advantage of the rapid growth of the Indian economy.
“With very high room rates throughout India, we believe that there is demand for a well-designed product catered to the business traveller who may be unwilling to pay five-star hotel rates,” he says.
“There is a strong basis to believe in the long-term attractiveness of the Indian hospitality market.”
The hotel in Chennai is expected to be completed in 2009 while completion of the Bangalore hotel is expected in 2010.
By Elizabeth Clifford-Marsh