ITC: Fortune Select Metropolitan in Jaipur is a deluxe hotel under the brand name of “Fortune Select Metropolitan by WelcomGroup”. Fortune Park Hotels Limited, a subsidiary of ITC Ltd. is providing operating and marketing services to us in relation to this hotel for a period of 10 years. The hotel is located on top of the Metropolitan Mall with a separate entry and exit for the hotel. The hotel has 90 rooms including six suites, a restaurant, a bar, banquet halls which can seat 150 to 200 guests, tea lounge, business center with two meeting rooms, health club, spa, swimming pool and party deck for open air parties.

Hyatt: The Company has signed agreements with Hyatt International Corporation and its indirect subsidiaries to operate and manage a hotel in Goa under the “Hyatt Regency” brand and to operate and manage a hotel in Kolkata under the “Park Hyatt” brand.

InterContinental Hotels: The Company has entered into two management agreements with InterContinental Hotels Group (India) Private Limited (previously known as SC Hotels & Resorts (India) Private Limited), an affiliate of the InterContinental Hotels Group under which it will build and fit out two “Holiday Inn” branded hotels in Kolkata and Dehradun. InterContinental Hotels Group (India) Private Limited shall manage the hotels as our agent.

Marriott: The Company has entered into an operating agreement (and other related documentation) with Marriott Hotels India Private Limited (“Marriott India”). Under the terms of the operating agreement, it has agreed to develop a hotel in Amritsar of approximately 112 keys, which will be operated by Marriott India under the “Courtyard by Marriott” brand. In addition, The Company has entered into an operating agreement (and ancillary documentation) for the development, operation and management of a hotel under the “JW Marriott” brand in Kolkata, which is intended to have approximately 250 keys.

Four Seasons: The Company has entered into a letter of intent with Four Seasons Hotels Limited with respect to the development, operation and management of proposed hotels under the “Four Seasons” brand in Hyderabad and Kerala.