City-based real estate developer Jain group has signed a memorandum of understanding with Sarovar Hotels, part of global hospitality major Group Du Louvre, which has more than 1,700 hotels across the world.

A 128-room Sarovar Portico hotel at Rajarhat is set to open in July this year. In addition to its upcoming hotel in Calcutta, Sarovar Hotels has presence in Siliguri, Ranchi and Dibrugarh in the East.

“We understand that Calcutta is a highly competitive market, but we are confident that our brand’s reputation for quality and value will make the hotel a preferred choice for both locals and visitors to the city,” said Ajay Bakaya, managing director, Sarovar Hotels.

Located close to the airport, the International Convention Centre and the IT hub of the city, Sarovar anticipates demand from business travellers to the city.

The hospitality chain, which has 120 operational hotels, hopes to increase the number to 150 in the coming years, including overseas. The majority of the hotels will be added through management contracts.

The Jain group, which also has a collaboration with IHG, plans to invest Rs 500 crore in the hospitality sector in Bengal by 2030.

“After the Holiday Inn Calcutta Airport, this is our second hotel to come up at New Town, Calcutta. Our Vision 2030 is to have 1,000 hotel rooms ranging from upscale mid-market to luxury across Bengal,” said Shrayans Jain, vice-chairman, Jain group.

“By 2030, we have plans to invest Rs 500 crore in our hospitality business” said Rishi Jain, managing director, Jain Group.