Parsvnath joins hands with Royal Orchid Hotels

New Delhi: In line with its foray into the hospitality sector, real estate company Parsvnath Developers Ltd on Wednesday announced a joint venture between its subsidiary Parsvnath Hotels Ltd (PHL) and Royal Orchid Hotels Ltd (ROHL) to develop and manage hotels across the country.

While PHL would hold majority stake of 70 per cent, ROHL would have 30 per cent stake in the joint venture. Royal Orchid Hotels would manage the hotels even as the joint venture company would own and develop these projects. The joint venture firm would operate under the name ‘Parsvnath Royal Orchid Hotels’, a company release said.