The board of Dan Hotels Corp. Ltd. has decided to consider launching hotel activity in India. The company is already in talks to buy land and build a hotel on the site.
Israeli developers have invested billions of dollars in India in recent years, and are building thousands of apartments and swathes of income-producing properties in cities across the country. The shortage of hotels in the country is now drawing the attention of Dan Hotels chairman Michael Federmann.
In a notice to the TASE, the company did not disclose the location of the site or the other parties in the negotiations. However, sources inform ”Globes” that the hotel will probably be a 250-room business hotel in a location with a high-tech orientation.
Dan Hotels said that any agreement would be subject to certain prior conditions, including the obtaining of permits and zoning the site for a hotel. The company added that financing terms have not yet been determined.
Investment in the project, including the purchase of the land and building of the hotel, is estimated at $50 million. Construction is expected to take several years.