HDIL, the country's third largest property developer by market value, plans to start five hotel projects in the next three years, said a top company executive.
All will be in the five-star category and HDIL's subsidiary, HDIL Leisure, will develop these, the executive said. One hotel is already under development in the Juhu area here, for which HDIL has tied up with the Hilton group.
Three of the others wil also be in this city, at the Bandra Kurla Complex, Andheri Kurla Road and Versova. The fifth will be at Kakinada in Andhra Pradesh.
“We are actively looking at hospitality as a major thrust area. We will tie up with hospitality companies to run these hotels,” said Sarang Wadhawan, managing director, HDIL. Wadhawan did not disclose the financial details.
Though real estate developers such as Unitech, Parsvnath and DLF deferred their plans to set up hotels due to the economic slowdown and dwindling cashflows, the upswing in the economy has made developers launch new hotels.