Royal Orchid Hotel gains on launching 5 new properties

Royal Orchid Hotels rose 2.91% to Rs 84.75 after the hospitality chain announced the opening of five new properties.

The company said its five new properties include two hotels under the brand Regenta Inn, one under the brand Regenta Central, one under the brand Regenta place and one under the brand Regenta Resort.

These hotels were opened in various destination across India. Two hotels in Amritsar, one in Sampbalpur and one in Somnath. The group also opened one leisure property in a tourist-intensive and high-demand area of Kabini in Karnataka.

"The new hotels launched in Amritsar, Somnath and Sambalpur will help fortify the group's position as one of the leaders in the corporate business market," the company said in a statement.

Commenting on the new launches, Chander K. Baljee, chairman & managing director said, "Despite several challenges and volatility faced during the last 16 month, Royal Orchid Hotels has been growing from strength to strength. The addition of 5 new hotels into our group will further bolster our portfolio, add revenues and increase profitability in the years to come. We remain steadfast and focused on our goal to reach the milestone of 100 hotels by the end of 2022. I'm confident that in the months and years to come we will continue to grow at a phenomenal rate and reach greater heights."

Royal Orchid Hotels reported net loss of Rs 8.52 crore in Q1 June 2021, lower than net loss of Rs 13.89 crore in Q1 June 2020. Net sales rose 240.28% to Rs 14.36 crore in Q1 June 2021 over Q1 June 2020.

Royal Orchid & Regenta Hotels is one of India's fastest-growing hotel chains. It primarily operates 5 and 4-star hotels, enabling it to target the discerning business and leisure travellers. It currently operates 70 hotels across India.

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