After waiting for government clearances for over six years, heritage hospitality chain Neemrana Hotels has finally started work on converting a 19th century fort at Tijara in Rajasthan into their largest property with over 70 rooms. Currently, the group has 20 properties at 14 destinations with its 60-room flagship hotel, the Neemrana Fort Palace, being the largest. Neemrana has acquired the Tijara property from the Rajasthan Tourism Development Corporation (RTDC) on a 60-year lease and will pay an annual rental to the government body as well as an initial amount once the hotel begins operations.
According to a report in The Business Standard by Devjyot Ghoshal, the Tijara undertaking, worth about Rs 30 crore, is larger than the Neemrana Groups turnover of Rs 23 crore last fiscal. The project will allow a small number of investors to participate through a special purpose vehicle (SPV).
Francis Wacziarg, Co-chairman, Neemrana Hotels said, “We intend to float an SPV for the Tijara project, which will comprise four investors, who will put in about Rs four to five crore each. |