Royal Indian Raj International Corporation Pens Estimated $4 Billion Deal With Choice Hotels for at Least 12,000 Budget Hotel Rooms Throughout India
Royal Indian Raj International Corporation Pens Estimated $4 Billion Deal With Choice Hotels for at Least 12,000 Budget Hotel Rooms Throughout India VANCOUVER, BRITISH COLUMBIA and NEW DELHI, INDIA--(CCNMatthews - April 12, 2007) - The Royal Indian Raj International Corporation (RIRIC) today announced that it has entered into a contract with Choice Hotels India to build at least 12,000 budget-style hotel rooms under the Comfort Inn, Quality, Sleep Inn and Clarion Brands. "This transaction increases RIRIC's current proposed foreign direct investment in the real estate sector under the Integrated Township program and in the Hospitality and Resort sector to over $6B USD" including its Royal Garden Villas & Resorts projects in Bangalore & Hyderabad. RIRIC's hotel initiatives are set to commence over the next 12 months throughout India. Hotel vacancies in India are rare -- and costly "India is reaching a new level of demand for hotel rooms. ...