"We are setting up a 126-room 3-star hotel with a banquet hall of 1,000 capacity on the National Highway at Marripalem," said K Subba Raju, chairman and managing director of KSR Developers.
The company is investing about Rs 80 crore that includes the land cost, he added.
The hotel is coming up in 6,000 yards adjacent to the National Highway, which is 1.5 km from airport and 3.5 km from Visakhapatnam railway station. While 25 per cent of the funding is from its own resources, the remaining 75 per cent is being generated from financial institutions, he said. The hotel is likely to commence operations in the first quarter of the next fiscal, he added.
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