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| Pride Hotels to invest Rs 1,000 cr for expansion |
| Press Trust of India / New Delhi Aug 09, 2010, 15:48 IST |
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Mumbai-based hospitality company The Pride Hotels today said it will invest Rs 1,000 crore in the next five years to open ten new properties across India and expand existing ones.
The company, which has around 1,000 rooms in its ten properties at present, will have total of around 3,000 rooms when its planned expansion is completed. It is expecting revenues from the hospitality business to touch Rs 300 crore in the next five years from the current Rs 100 crore.
"By 2015, we will have ten more properties nationwide, including business hotels, resorts and luxury hotels," The Pride Hotels, Chairman S P Jain told PTI.
The group will invest Rs 1,000 crore in the next five years, of which Rs 150 crore investment has already been made, Jain added.
He said of the new properties, some will be owned and managed by the company, while some will only be managed by the firm.
"Of the ten new properties, three would be resorts and the remaining would be a mix if business and luxury hotels," he said.
The company today announced opening of its tenth property in the commercial hub-Gurgaon.
At present the firm has properties at Pune, Nagpur, Chennai, Bangalore, Jaipur and Delhi.
The Pride Hotels is promoted by SP Group, which also has other businesses such as consultancy, financial services and construction, and has an annual turnover of Rs 300 crore.
The hospitality division contributes about Rs 100 crore to the group's total turnover at present.
The group opened its first hotel in Pune, way back in 1988, but the actual expansion started from 1999, after the promoters of the group decided to focus on the hospitality sector.
"In the next five years we expect the Group's turnover to be Rs 500 crore, of which Rs 300 will come form hotels," Jain added.
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