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Suman Motels Ltd.

BSE: 523295 Sector: Services
NSE: SUMANMOTEL ISIN Code: INE723A01019
BSE 05:30 | 01 Jan Suman Motels Ltd
NSE 05:30 | 01 Jan Suman Motels Ltd

Suman Motels Ltd. (SUMANMOTEL) - Company History

Promoted in May '84 by Sheikh Mukhtar Hussain and S M Khandhar, Suman Motels went public in 1989. The company has a chain of motels in different parts of Maharashtra. All the motels have a 3-star rating and are located besides the highways or at the periphery of important tourist centres. In Jan.'93, the company came out with a rights issue (premium : Rs 13) to part-finance the facilities and expand room capacities at Khopoli, Nasik and Alibaug, to set up a 42-room unit with boarding, lodging, recreational and other facilities at Apta Phata near Karnala Bird Sanctuary, on the Bombay-Goa highway, and to erect ten log houses at Shore Club near Alibaug. The company has expanded its room capacity by creating new units at Hadapsar, Kakalghar (Alibaug) and Panchgani. It undertook a five-star hotel project at Mangaon, near Nagothane, on the Bombay-Goa highway. It has acquired land for its proposed five-star hotel with 180 deluxe rooms and 120 villa-bungalows along with a 18-holes golf course. It has tied up with the Malasiyan chain of hotels for collaboration. The company developed a 100 room capacity resort near Mangaon, the project cost Rs 27 crs was part financed by rupee term loan from financial institution. As on March,2002 the company's accumulated losses exceed the Networth. Subsequent to this the company made a reference to BIFR. The Mineral Water division has started its operations in 2002 and the unit is having the capacity to produce 30,000 bottles per day. The unit is located at Mangaon.