In order to foray into the hospitality segment, the well-known real estate company Parsvnath Developers announced on Wednesday, August 6 that it is going to construct a four star hotel in Lucknow. The proposed hotel will cover an area of 150,000 square feet and will have 130 rooms.    

Parsvnath Developers will approximately incur an investment of Rs.250 million on this hotel project. Sources informed that it will also house a shopping complex within its compound. The four star hotel will be administered by the Fortune Park Hotels, which is ITC Limited’s subsidiary.

It was in 1995 that the Fortune Park was created to cater to the mid-priced market segment. As per sources from the Parsvnath Developers, the company is planning substantial extension into tier II and tier III cities. Other places where it plans to set up hotels include Varanasi, Allahabad, Meerut and Kanpur in Uttar Pradesh.