The city-based Jain Group, one of the leading real estate developers, is planning to invest Rs 500 crore by 2030 to expand its footprint in the hospitality sector.
It has collaborated with Sarovar Hotels Pvt Ltd to start a new hotel in Rajarhat in the next four months. As part of the deal, the Jain Group has shelled out around Rs 120 crore for the project. The management of the upcoming hotel will be run by Sarovar Hotels.
On Thursday, a memorandum of understanding (MoU) was signed by Jain Group with Sarovar Hotels for the Sarovar Portico Kolkata Rajarhat project. The gates of the new hotel — which will have 128 rooms across four categories like suites, premium, deluxe and standard — will be opened this July, said Rishi Jain, the MD of Jain Group.Jain Group has presence in the hospitality sector through Holiday Inn, Kolkata airport.
“Our Vision 2030 is to have 1,000 hotel rooms, ranging from upscale mid-market to luxury, across West Bengal,” said Shrayans Jain, the group’s vice-chairman. The company is also set to come up with three more hotels in Siliguri, Durgapur and Joka.