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| Pride to set up budget hotels in Hyd, Kochi |
| K Rajani Kanth / Chennai/ Hyderabad Aug 10, 2010, 00:36 IST |
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Pride Hotels, part of the Mumbai-based over Rs 3,000-crore SP group of companies, is planning to set up two budget hotels in Hyderabad and Kochi under its ‘Pride Biznotel’ brand, with a total investment of around Rs 140 crore.
“We are in the process of acquiring an acre each in these two cities for the proposed projects, and the legal due diligence is already on. We are looking at starting the construction work in the next six months and hope to complete the projects in one-and-a-half years,” Satyen Jain, chief executive of Pride Hotels, told Business Standard. The Hyderabad and Kochi properties will have close to 100 rooms each.
Pride Hotels currently operates 5 five-star luxury hotels in Ahmedabad, Bangalore, Pune, Nagpur and Chennai, besides operating five properties under management contracts, together with a room inventory of 1,000.
The Hyderabad and Kochi properties are part of the company’s Rs 1,000-crore expansion plan of having 30 hotels across luxury, business and resort categories under its fold in all metros and semi-metros, besides tripling its room inventory by 2015, Jain said.
“We have raised Rs 65 crore from Kotak Real Estate Fund, besides tying up with commercial banks for over Rs 100 crore, which are sufficient for our expansion spanning the next two years,” he said, adding the company would go in for an initial public offering in two years from now.
“We are currently studying the Coimbatore market for setting up a property, even as plans are in progress to forge a management arrangement with a hotel in Munnar (Kerala) by 2011,” Jain said.
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