Parsvnath to invest 250 mln rupees in UP hotel project

MUMBAI (Reuters) - Real-estate firm Parsvnath Developers Ltd said on Tuesday it will invest 250 million rupees for a four-star hotel project near Lucknow in Uttar Pradesh.

The 130-room hotel will have total developable area of 150,000 sq ft, including a shopping mall. It is to be managed by Fortune Park, the hotel unit of India's top cigarette maker ITC Ltd.

Earlier this year, Parsvnath signed a pact with the hotel chain, for the latter to manage more than 4,000 rooms in 50 hotels that it will develop.

Parsvnath shares were trading at 122.90 rupees, up 1.3 percent, in a weak Mumbai market.