Phoenix group to rejig businessOctober 23rd, 2008 - 6:14 pm ICT by IANS
Chennai, Oct 23 (IANS) The Bangalore-headquartered Phoenix group, which has interests in hotels, real estate and floriculture, has decided to restructure its corporate set-up before coming up with an initial public offering next year.”We are in the process of deciding whether we should run each business independently or bring them under one umbrella, and also the funds needed for our expansion plans,” Phoenix director (public relations and communications) Priti Chand told reporters here Thursday.
The Rs.2.2-billion group, which is constructing a five-star hotel in Bangalore comprising 162-room, is planning similar projects in other cities like Mysore, Nagpur, and Kochi.
“We will soon start the construction works on another five-star hotel in Bangalore near the new international airport,” she added.
The group will have over 560 rooms under its management by January next year.
The other hotels owned by the group in India are Radisson White Sands and Country Inn and Suites, both in Goa, and Radisson Plaza Resort and Spa in Kumarakom, Kerala.
The new hotels will be branded as ‘Zuri’ and the group has plans to bring all its hotels under the single brand.
“The management contracts for the existing hotels will come up for renewals next year. We are evaluating the issues as to whether renew the contract or not,” Chand said.
She added that the group would build a 160-room hotel in Nairobi, Kenya, which will be the third overseas hotel. At present it operates one hotel each in the UK and Kenya.
The Phoenix group is also planning to acquire 150 acres in Tamil Nadu and Pune for floriculture and real estate businesses.
The budget for the rose farm business is around Rs.250 million.