KCP Ltd has informed BSE that the Company has, for its Hotel Project which is under construction at Somajiguda, Hyderabad, entered into agreements with AAPC India Hotel Management Private Ltd. Gurgaon, India for provision of technical services and for the management of the proposed Hotel for a period of fifteen years. AAPC India Hotel Management Private Ltd. is part of and represents in India, the international chain of Hotels operating with various brands under ACCOR group. The proposed Hotel at Hyderabad is expected to be operated by AAPC India Hotel Management Private Ltd under the MERCURE brand which is globally categorised as a four star Business Hotel.
As informed earlier the Hotel being set up at an estimated cost of about Rs. 64 crores and funded with a mix of term loan of Rs. 45 crores and Rs. 19 crores from internal generations is expected to be commissioned in the middle of 2013.