Patna’s one of the most iconic hotels Patilputra Ashoka will be receiving a 5-star hotel makeover. This announcement is made by The Department of Tourism. The department has confirmed that the Patilputra Ashoka will be replaced with a 5-star luxurious hotel. This project will be completed under the operation of the internationally renowned hospitality brands- JW Marriott, Hyatt Regency, and ITC Hotels.
The new project will be built over a land space of 1.5 acres on Beerchand Patel Path. This will be leased for 60 years with an extended duration of another 30 years.
According to the Request for Proposal (RFP), before signing the concession agreement, the developer has to enter into an operations and maintenance (O&M) contract with a reputed 5-star hotel. The outline for finalizing the O&M partner is 150 days from the issuance of the Letter of Award. At present, following the award of leasehold rights to Kumar Infratrade Enterprises Pvt Ltd, is looking for a suitable partner to collaborate with the management of the new facility.
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The developer will pay an annual lease premium of ₹7.57 crore (excluding taxes) to BSTDC, with a 10% increase every five years. Additionally, the bidder must pay a minimum valuation reserve of ₹28.5 crore over 11 years. Interest at 9.5% will be charged on any outstanding dues.
The developer of the project will also be held responsible for the demolition of the existing Patliputra Ashoka structure and then undertake the new planning. The new property will have 100 rooms, which will be built under the guidance of the Ministry of Tourism.
Bihar’s tourism is expected to get a significant marking due to the upgradation of this hotel
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