Lakeshore, a local boutique hotel, will set up a mid-range business hotel in Uttara for Tk 150 crore under a franchise agreement with Thai hospitality group Dusit International.

The hotel, which will be located only five minutes away by car from Hazrat Shahjalal International Airport, will be called Dusit Princess Dhaka and is expected to go into commercial operation in 2018.

The 13-storey property will have 80 deluxe rooms and 10 deluxe suites as well as all-day dining and meeting facilities, and recreational amenities such as spa and rooftop swimming pool.

“We have been in the hospitality industry for over 15 years now, so we know this market well,” said Kazi Tareq Shams, managing director of Lakeshore Hotels, at the agreement signing ceremony between the two hospitality companies yesterday.

Shams and Lim Boon Kwee, chief operating officer of Dusit International, signed the deal on behalf of their respective sides.

Bangladesh's hospitality industry has been growing at 5 percent per year, according to Shams.

“Dusit Princess Dhaka presents us with a fantastic opportunity to showcase our new franchise model in a robust hotel market,” Kwee said, adding that the hotel will be perfectly positioned to meet the needs of business travellers from all corners of the globe.

Bangladesh's economic growth has attracted global hospitality companies, said Atique Rahman, group executive director of Lakeshore Hotels. “The potential in the hospitality industry is huge,” he said. Ante Baric, director, development of Dusit International, also spoke at the function.

Founded in 1948, Dusit International has 29 properties located in Thailand, the UAE, the US, China, the Maldives, the Philippines, India, Egypt and Kenya.