Business
Partnership with Entertainmen
Partnership with Entertainmen.
About this update from Inspiration Healthcare Group Plc
[{"type":"text","content":"\n RNS Number : 8305B India Hospitality Corp. 03 November 2009 \nIndia Hospitality Corp Announces Hospitality Partnership with Leading Indian \nReal Estate Firm Entertainment World Developers Pvt. Ltd.\n\nIHC to Lease and Operate Up to Ten Hotels and Fourteen Food and Beverage Outlets,\nTo Acquire Rights to Pizza Hut Franchise in Central India\n\n3 November 2009\n\nIndia Hospitality Corp. (IHC or the \"Company\"), today announces that it has entered into a partnership agreement, through its wholly owned hotel subsidiary Gordon House Estates Pvt. Ltd (\"GHEPL\") with Entertainment World Developers Pvt. Ltd. (\"EWDPL\"), a leading real estate and hospitality developer in India's tier-II cities. As part of the agreement, IHC will manage EWDPL's hotels and Food and Beverage (\"F&B\") outlets in various malls that are currently under development across India. The hotels and F&B outlets are part of EWDPL's 24 million square foot development pipeline across India, eleven new shopping malls, ten additional hotels and eleven townships. \n\nAs part of its hospitality portfolio, EWDPL is developing a total of 900 hotel rooms across 10 locations. The first phase of the hotel development pipeline includes 352 rooms across Nanded, Ujjain, Jabalpur, Bhilai and Raipur (\"First Phase\"). The subsequent development pipeline includes 548 rooms across Chandigarh, Udaipur, Amravati, Indore and Thiruvanathapuram (\"Second Phase\"). The partnership between EWDPL and IHC will also employ a unique structure, incorporating the Hotel and Mall F&B under a common operating structure. \n\nAgreement to lease hotels from EWDPL\nIHC has agreed to lease the First Phase of EWDPL's hotel portfolio for a period of up to 30 years for a minimum lease guarantee rental payment with a revenue sharing agreement over an agreed upon performance threshold. IHC will employ the \"Gordon House\" brand, the newly acquired \"You\" brand, along with a budget variant of the \"Gordon House\" brand for the purpose of branding and managing these hotels. IHC will also have the right to first offer on t...