Pride Hotels plans Rs.7.5-bn expansionOctober 27th, 2008 - 4:12 pm ICT by IANS
Ahmedabad, Oct 27 (IANS) Leading hotel chain Pride Group of Hotels will invest Rs.7.5 billion to expand its operations in India, a top official has said. The group has already added 60 rooms to its existing 110-room five-star property here, making it one of the largest luxury hotels in Gujarat.
“We are also planning to add 750 rooms in the cities of Delhi, Hyderabad, Cochin, Surat, Jaipur and Navi Mumbai by 2015. The total expansion cost is Rs.750 crore (Rs.7.5 billion) and post-expansion, we will have 10 hotels under the five-star category,” Pride Group managing director S.P. Jain said.
The group will also add 150 rooms at its Pune and Nagpur properties, making them 750-room hotels by next year. This will be further increased to 1,250 rooms by the end of 2010.
“Pride Group was focusing more on its Biznotel (business hotel) brand. We are also negotiating for three five-star properties in London, Delhi and Mumbai,” he said.
Funds for the expansion-cum-renovation plan would be raised from “internal accruals and term loans from banks and financial institutions”, Jain added.
Pride Biznotel and Pride Resort brands have three operating hotels and the group is negotiating for three more properties which will be added this year.
The group is also planning to add 15 properties under Biznotel brand in Nashik, Mysore, Indore, Coimbatore, Raipur, Madurai and Goa.
According to Jain, the hotel chain will have 4,000 rooms across its three brand categories - the Pride Hotel (luxury hotels), Pride Biznotel and Pride Resorts.
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