Puravankara plans to partner Accor for hospitality foray

REAL estate company Puravankara Projects is close to signing a memorandum of understanding (MoU) with France-based hospitality group Accor for the former’s first hotel project in Bangalore, an official involved with the deal told ET. This is part of Puravankara’s strategy to diversify into the hospitality segment. The Bangalore-based real estate developer will construct hotels on land owned by it and hand over the day-to-day management to a professional group on a profit-sharing basis. Puravankara has plans to build two hotels in Bangalore — one super luxury and one budget.