Asian Hotels-West awaits Sebi nod for listing on NSE, BSE

Asian Hotels–West is awaiting the permission of the Securities and Exchange Board of India (Sebi) to start trading on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) after the demerger of Asian Hotels into three separate entities. The company has got NSE and BSE permission.

Asian Hotels, which brought the Hyatt brand to India, was split into west, north and east this February. Presently, only Asian Hotels—North is listed on BSE and NSE.

Asian Hotels-West is coming up with two properties by 2013 with an investment of Rs 760 crore. The company is going to raise Rs 60-70 crore through qualified institutional placement (QIP) this year to fund these projects. “We want to raise some money for the property coming up at the Delhi Airport, the JW Marriott, through QIP. We are not planning to raise any equity,” said Sushil Gupta, chairman of Asian Hotels–West. Currently, the company has the control of Hyatt Regency in Mumbai.

It has planned to expand its presence in the four-star hotel space under the brand name, Clarion Collection. It does not plan to come up with more five-star deluxe hotels. “We want to look at the Indian travellers who are increasing every year and their need is more for a four-star than a five-star hotel. We see a need gap in this area which we would like to cater to,” said Gupta.

The company is also scouting for opportunities for expansion into other segments. “We’ll go into areas where we would have some synergies and where it is logical for us to go,” Gupta said. Mineral water and the food and restaurant business are two areas which the company may wish to explore. Said Gupta, “These businesses will be logical for us to enter. We are thinking about it.”