Renaissance Resort Goa, a part of the Rs 22-crore Ramada Hotels, plans to set up a five-star deluxe hotel in the Maldives. The company has already bid for an 100-acre island to the north of the capital, Mala, for a 21-year lease.

The US-based Marriott chain of hotels has an eight per cent stake in the Renaissance.

Two other prominent hotel chains are also in the race of which one is the Villa hotel group with a major presence in islands like Paradise, Sun and Fun.

The total project cost for building a five star deluxe hotel is estimated at Rs 45 crore. Ramada Hotels India will invest $1 million (Rs 3.6 crore) in the project and will raise the balance through a bond issue and venture capital tie-up, Advani said.

The company is holding talks with a Singapore-based investment company which has a presence in India. Advani is confident of constructing the hotel within 18 months of receiving government approval. The company is also planning to set up a five star deluxe hotel in Jaipur.

According to the blueprint, the resort will have 132 regular bungalows facing the sea front of which 64 will be water bungalows with easy access to the waterfront. The bungalows will be connected to the island by a jetty. The project is designed by the Winberley Allison Tang Goo company.

Sunder G Advani, chairman and managing director, Ramada Hotel India, said: "Maldives is becoming the most popular tourist destination the world over and we want to tap that potential. If we get this island on lease, we will start work immediately and hold on to our Jaipur project for a while."

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.