Newstrack

RTDC hotels set for an overhaul

Ties up with Yes Bank to lure private participation

Dinkar Farwaha - New Delhi

In order to convert its loss-making heritage properties into profitable propositions, Rajasthan Tourism Development Corporation (RTDC) wants to invite private players to take its properties on lease and develop them. For this purpose, the

corporation has identified 34 properties including motels, heritage hotels and highway hotels.

A senior official from RTDC requesting anonymity, confirmed this and said, "We have identified 34 properties that are running into losses but have massive potential to churn out revenues if managed and marketed efficiently. We are currently evaluating these properties and will invite private participation to run them once the assessment is done."

RTDC has appointed Yes Bank as an advisor for this initiative. Tushar Pandey, country head (Strategic Initiatives & Advisory Government) at Yes Bank, said, "We are looking at a public-private partnership model as well as complete private ownership. We plan to finish assessing these properties within two months." As a next step, RTDC will invite bids for these properties.

Yes Bank has also tied up with Madhya Pradesh State Tourism Development Corporation (MPSTDC) and the Punjab government to offer project advice to develop tourism infrastructure in Madhya Pradesh and to convert Ludhiana into a tourist destination.