News: Ritz-Carlton, Hillwood in India hotel deals

(RTR 14/12/2006) Mumbai - The Ritz-Carlton Hotel Co. has tied up with Nitesh Estates for a chain of premium hotels in India, the Economic Times said on Thursday.

The first Ritz-Carlton hotel will be in Bangalore, the newspaper said, quoting a senior official at the Indian developer as saying the two companies were in "serious discussions".

Indian Hotels Co. Ltd.'s Taj Hotels in November bought The Ritz-Carlton Boston hotel, the longest continuously operated Ritz-Carlton hotel in the United States, for $170 million. The hotel will be renamed Taj Boston.

U.S.-based developer Hillwood Corp. is also entering India in a joint venture with the founders of Asian Hotels Ltd. for a chain of Clarion brand hotels, the Economic Times said, quoting a senior official of the venture.

The venture, in which Hillwood would hold nearly a quarter, would invest about 4.5 billion rupees over five years to develop properties in big Indian cities, the paper said.

Global hotel chains are rushing to India, encouraged by a booming economy and a woefully inadequate supply of hotel rooms.