The joint venture will develop, construct, operate and manage two hotels under the brands “Taj” and “Vivanta by Taj'” in Kunming Expo Garden in Southwest China
Indian Hotels Company said it has signed a memorandum of co-operation (MoC) to form a joint venture with China-based Yunnan Tourism for developing two hotels in the Yunnan province of South-West China.
As per the agreement, the joint venture will develop, construct, operate and manage two hotels under the brands “'Taj” and “Vivanta by Taj” in Kunming Expo Garden in Southwest China.
“The Indian Hotel Company’s presence in Kunming is critical for our selective global expansion plan because of its strategic location with access to key markets like Vietnam, Thailand, Cambodia, Myanmar, Bangladesh and Laos,” The Indian Hotels Company executive director Abhijit Mukerji said in a statement.
The MoC has been done with the support of Strategic European Investment Management (SEIM) which is the representative of IHCL in China, the company said.
“We are delighted to partner with The Indian Hotels Company to bring the Taj legendary service to the Yunnan province and China,” Yunnan Tourism Co general manager said.
“The entry of Taj and Vivanta by Taj brands in Kunming offers an exciting opportunity to establish the brands in the Chinese market,” Mr Mukerji said. While the new Taj hotel will have around 200 rooms, Taj “Vivanta by Taj” will have around 300 rooms.
Kunming Expo is a major communication and transport hub in China having good connectivity with the domestic Chinese tourism circuit.
Taj already has management contracts for “Taj Temple of Heaven Beijing”, in close proximity to the Temple of Heaven Park in Beijing. It will also manage a 300-key luxury resort in Hainan Island, the premium resort destination in China.
In the late afternoon, Indian Hotels was trading at around Rs61.50 per share on the Bombay Stock Exchange, 0.65% up from the previous close.
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