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Pride Hotels to Open New Hotels in IndiaMarch 28, 2016
Pride Group of Hotels will make a generous investment over the next three years to expand its portfolio through new development and acquisitions.
The Economic Times reports that the compay will invest more than Rs 600 crore, and have already identified a new project in Goa, an acquisition of a hotel in Mumbai and the addition of inventory to its existing property in Nagpur.
"When we started off in the 1980s, we grew by greenfield projects and by acquiring existing properties and renovating them to our specs. In the past five years, we went into management model for faster growth and have built a portfolio of 12 operational hotels," SP Jain, managing director of Pride Group of Hotels, told The Economic Times.
The company's three brands include the Pride Plaza (5-star), Pride Hotel and Resort (4-star) and Pride Biznotel (3-star).
As ET further reports, the company has already acquired a land parcel in Goa to build a luxury property with an investment of about Rs 225-250 crore. This will be the group's second property in Goa. The hotel firm is also adding additional inventory of 72 rooms to its existing property in Nagpur for about Rs 60 crore. "In Mumbai, we want to have a presence near the airport as the area is getting well connected. Since greenfield projects take a long time, mainly on account of approvals, we are looking to acquire an existing asset in the four or five-star category with an investment of about Rs 300 crore," said Jain.
Over the next three years, the company will also be opening three properties under management contract in Bengaluru, Nashik and Indore.
The company will also tap into capital markets over the next two years to raise an estimated Rs 250 crore through an IPO."The market is turning positive now and we want our Delhi Aerocity property to stabilise before hitting the market," Jain said.