US-based Pacifica to create room for two more hotels in Gujarat

Company to invest Rs 180 crore for the two projects.

Pacifica Companies, a US based real estate group headquartered in California, plans to set up two more hotels in Gujarat. The company has lined up a total investment of Rs. 180 crore for its new hospitality projects.

The company is already in the process of setting up a 164 rooms five star hotel called Marriot Hotel in Ahmedabad. In addition to this, the company has planned two more hotels in Gujarat.

"The two new hotels are coming up in Ahmedabad and Vadodara. Around Rs. 100 crore will be infused for Ahmedabad hotel, which will be set up in Sola area. While the investment in Vadodara project is around Rs. 80 crore", said Rocky Israni, director-India investments, Pacifica Companies.

Pacifica already has already acquired 2 acres of land for its new hotel in Ahmedabad and land acquisition is underway in Vadodara.

The company is in process to acquire land from Sarabhai Enterprise in the city. The company is looking at funding the new projects through equity and debt.

Talking about the pan India plans of the company, Israni added that the company is implementing hotel projects in Bangalore, Pune and Hyderabad.

"For all the six hotel projects around Rs. 1,000 crore will be pumped in", he said.

Admitting that ongoing recession certainly has its impact on hospitality sector, he said, "The situation will be different when these projects are commissioned".

Pacifica intends to start the hotels by the fiscal 2010-11. It is also in talks with various hotel operators including Hilton Group for running its new hotels.