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Parkside Hotels to invest $400 mn in India

Press Trust of India  |  Chennai 

In order to cash in on the growing Indian hospitality market, Parkside Hotels and Resorts today said it would expand operations in the country with plans to invest $400 million over the next two years.

At present, the US-based hotelier operates Parkside Zebra Inn and suites at various locations in India.

"The hospitality industry is booming in India and China. We are aggressively looking for setting up offices. We plan to have around 4,000 rooms [in India] by 2013. We will invest around $400 million," Parkside Zebra Hotels President and CEO Himanshu Mehta said.

He said the company currently has about 20,800 rooms worldwide, which would increase to about 52,000 in 2014 with expansion in India.

Besides, the group is holding talks for acquisition of three existing hotels in Chennai, Coimbatore and Mumbai. "We are hoping it would be completed by this year end," he said, adding that with the addition of three hotels, the chain would add 600 rooms.

Mehta said by 2013-end, the company would have invested Rs 100 crore in India.

On the group's financials, he said the company reported revenues of $140 million in 2010-11 and has set a target of reaching $300 million in 2011-12. The company also plans to increase its headcount to 2,000 by next year, he said.

Mehta said the company may raise funds to meet its expansion plans.

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First Published: Thu, January 19 2012. 19:07 IST