Update on March 25 2009: Pioneer reports:

The Sarovar Hotels and Resorts announced the signing of a hotel in the 4-5-star category at the Sarovar Premiere here. The hotel with 150 guest rooms and all modern services and facilities will be located at Nayapalli. Commenting on the signing, hotel’s managing director Anil Madhok said, “With the increase in the number of business and leisure travellers in the city, we are pleased to offer accommodation of international quality for them.” The hotel will have five star services, multiple dining options, extensive meeting and banquet areas as well as a health club and spa.

Following is an excerpt from a news report in dnaindia.com.

Gurgaon-based Vipul Infrastructure Group is set to board the hospitality train. The company’s hotels division, Vipul Hospitality, has signed a memorandum of understanding with leading operator Sarovar Hotels and Resorts to open five new hotels, to start with.

Vipul Hospitality will invest and own the hotels, while Sarovar will provide technical assistance right from inception to completion besides managing and marketing the hotel operations.

The overall investment in the initial five projects is estimated at over Rs 500 crore.

Ajay K Bakaya, executive director, Sarovar Hotels and Resorts told DNA Money that a number of these hotel projects will also have retailing component.

“Out of the five sites being identified jointly, at least four will be mall-o-tels. Going forward, we will be working together with the realty partners in identifying more locations. All the current and future projects will be operated and managed under Sarovar’s bouquet of brands,” said Bakaya.

The upcoming hotels in Amritsar, Bhubaneswar and Raipur will be branded under Sarovar Premiere, the Mohali property will be a Sarovar Portico and the one in Siliguri will be branded as Park Inn.

Each hotel will have a room inventory of 100-150 rooms in addition to food and beverage, banqueting and conferencing facilities.

One of the pioneers in the Indian mid-market hospitality segment, Sarovar Hotels has grown rapidly since its first hotel opened in 1994.

The hospitality company currently manages 35 hotels across the country under the brands Sarovar Premiere, Sarovar Portico and Hometel, besides Park Plaza and Park Inn, which are operated under master franchise pact with Carlson Hospitality for India.