Toyota Enterprises India Private Ltd (TEP India), a wholly-owned subsidiary of Toyota Enterprise Inc, Japan, has announced its foray into the hospitality sector in the Indian market by forging a joint venture (JV) with Hyagreeva Hotels & Resorts, which operates the Chancery brand hotels in Bangalore. Announcing the JV details, Changama Raju, chairman, Chancery Hotel, Bangalore said, “We identified the right partner in TEP India to set up exclusive rooms for Japanese tourists/ visitors to the city. We are happy to announce that a portion of the hotel will incorporate the Japanese guest room standards by adhering to their culture requirements. This partnership will go a long way in offering unique and first-of-its kind services in the country. We consider it an honor to tie up with TEP India, which has a significant brand lineage and heritage.”
This JV marks the first ever overseas foray of Toyota Enterprises beyond Japan, where it operates a chain of hotels. As part of the JV, TEP India will take over 52 rooms out of the existing 120 rooms at the Chancery Hotel (Lavelle Road) for a period of seven years for management, marketing and maintenance through a minimum guarantee agreement. The JV will come into force from January 2013 once the guest rooms are ready incorporating the original culture.