Planet Hollywood, the American theme restaurant and hotel chain, will open a five-star hotel in Mumbai after a delay of five years. Arch Millennium Corp, a Florida-based company, which has acquired the master franchise rights for the Planet Hollywood brand across India, will open it on the site of the former Shelley’s Hotel in Colaba. Scheduled to open in 2012, this will be the company’s second hotel in the world.

Arch Millennium also plans to open Planet Hollywood floating restaurant in Colaba, on a pleasure yacht, which has already been imported from the US. Named Oceanis, it is a four-level boat, anchored in Mumbai, containing a variety of multi-cuisine restaurants, bars, lounges and coffee shops, which can accommodate 400 patrons. The northern suburbs are being considered for Mumbai’s first Planet Hollywood-themed restaurant.

Planet Hollywood is a privately-held US company. Sylvester Stallone, Bruce Willis and Demi Moore have stake in the brand.