New Delhi: Realty firm Ashiana Housing on Sunday said it will invest about Rs 50 crore in developing a hotel-cum-shopping mall project in Jamshedpur and announced tie-up with global hospitality chain Hyatt for management.
   
"We are coming up with a 4-star business hotel, comprising of 120 rooms in Jamshedpur. For managing the hotel, we have tied up with Hyatt to set up 'Hyatt Place' hotel," the company's Managing Director Vishal Gupta said.
   
The company already has one hotel in Bhiwadi, Haryana comprising 103 rooms.
   
Besides hotel, the project would have 80,000 sq ft of shopping complex.
   
Asked about project cost, Gupta said the company would invest about Rs 50 crore in the next 30 months on construction of this project. The planned investment would be funded through internal accruals and debt, he added.
   
Ashiana Housing, which focuses more on development of retirement resort, would start construction on this project in the current month itself.
   
The national capital-based company had reported a 19 percent rise in net profit to Rs 43.86 crore in the 2010—11 fiscal from Rs 36.77 crore in the previous year. Sales and other income grew by 27 percent to Rs 154.12 crore last fiscal from Rs 121.03 crore in the previous year.
   
Gupta said the company expects an increase of 20 percent in turnover this fiscal.
   
The company is targeting to sell 1.6 million square feet of area this fiscal against 1.35 million sq ft in last year.
   
At present, Ashiana is developing seven projects, out of which three are in Jaipur and one each in Bhiwadi, Jodhpur, Jamshedpur and Pune. It is building a retirement resort at Lavasa township in Pune.

(Agencies)