11/25/2019 ITPO invites bids from hotels with Rs 350 crore plus turnover - The Economic Times

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ITPO invites bids from hotels with Rs 350 Invest Smart

crore plus turnover
Are you a spender
A proposal has been floated for leasing out 3.7 acres inside Pragati Maidan to “develop, looking to save for
construct, operate and manage a hotel property.” your short-term goals?
ULIPs can be a knight
By Kirtika Suneja, ET Bureau | Dec 16, 2018, 11.30 PM IST Save in your armour

1 Alternate income
Comments starter pack: Shedding
flawed money habits &
BCCL
NEW DELHI: India Trade Promotion investing judiciously
Organisation (ITPO) has invited bids to build
and operate a five-star luxury hotel property
in the capital’s Pragati Maidan, where an
Related Most Read Most Shared
integrated exhibition-cum-convention centre
is being built. Shiv Sena MLAs moved to hotel

We will open a hotel per month and are on track to

A proposal has been floated for leasing out open 12 hotels by March 31: Indian Hotels CMD
3.7 acres inside Pragati Maidan to “develop,
Roseate Hotels plans to expand abroad, locally
construct, operate and manage a hotel
property.” Hotel liable for vehicle theft from parking: SC
ITPO, a miniratna public sector undertaking, runs the
exhibition centre at Pragati Maidan, which was Treebo Hotels launches platform to benefit small,
The reserve price of the hotel is Rs 611 crore
inaugurated in 1972 by then Prime Minister Indira medium hotel owners
Gandhi. and the final price of the project would be
discovered after an e-auction. Only hotel
developers with turnover of over Rs 350 crore are eligible to bid.
TRADE

The pros and cons of

Technical bids for the tender will be opened on December 28. “We expect healthy
RCEP pullout
competition for the tender. The hotel would have to be completed in three years from the
date of handing over the site to the winner,” said LC Goyal, chairman of ITPO, the Although benefits from the deal seem to be
commerce and industry ministry’s trade promotion body. negligible, India might have mis...

FMCG
ITPO, a miniratna public sector undertaking, runs the exhibition centre at Pragati Maidan,
What’s choking India’s
which was inaugurated in 1972 by then Prime Minister Indira Gandhi. consumption

“Almost 75 events are held every year by third parties and this could go up to 150. This is Certain regions and product categories have
the clientele the hotel needs to cater to. It also should be able to provide for international stayed resilient, but working-c...
events like the G-20,” Goyal said. “The hotel operator will decide the number of rooms the
STRATEGY
property should have. We are not specifying that.”
Can Treebo ward off
SoftBank-backed Oyo?
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11/25/2019 ITPO invites bids from hotels with Rs 350 crore plus turnover - The Economic Times

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Besides monetising 3.7 acres for construction of the hotel, ITPO will pump in Rs 1,200
crore from its reserves for the redevelopment project, raise some amount from the housing
and urban affairs ministry while the remainder will be funded through a long-term loan from
the State Bank of India. The convention centre is likely to come up by September 2019.

Read more on Hotels Bids Pragati Maidan ITPO Hotel Developers

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Shiv Sena MLAs moved to hotel

We will open a hotel per month and are on track to open 12 hotels by March 31: Indian Hotels CMD

Roseate Hotels plans to expand abroad, locally

Hotel liable for vehicle theft from parking: SC

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