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Japanese technology investor SoftBank and Oravel, the parent company of OYO, have formed a joint venture (JV) to launch a premium hotel chain in India.

The joint venture called Mountainia will launch 5-and 4-star hotels under the brand name ‘Sunday’ across fast-growing Tier II Indian cities.

A source close to the development told YourStory that the company is looking to redefine luxury hotel experiences for travelers with the new venture.

However, none of the parties commented on the development.

The JV has opened its first hotel in Jaipur. Located in the city-centre, Sunday Jaipur offers convenient access to all the prominent landmarks in the city, including the airport and railway station. The hotel has an inventory of 90 rooms along with a bar, restaurant, spa and meeting spaces.

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The SoftBank-Oravel Stays JV plans to open four more Sunday hotels by the end of 2023.

“The premium travel space in India has been growing very rapidly and the consumers are showing a strong preference for high end offerings. Non-metro first tier and lately even second-tier cities offer the right balance of growing affluence with less competition in the premium hotel categories and well-priced hotel assets,” states one of the source.

The Sunday hotel chain will be managed by the JV partner Oravel with the help of its operating entity while the capex investments will be made by the JV.

The Japan-headquartered global conglomerate already owns a hotel joint venture with Oravel called Tabist in its home country. Both partners have a 49.9% stake in the JV.