Real estate firm Parsvnath Developers Ltd on Monday announced a tie up with ITC to develop 50 hotels at a cost of Rs 2,500 crore in the next three to five years. Parsvnath Developers Chairman Pradeep Jain said Parsvnath will spend Rs 2,500 crore for building 50 hotels under ITC's budget brand Fortune Park. Parsvnath will develop and own the hotels and ITC will manage them. It is estimated that 50 hotels will add around 4100 rooms.
