Calcutta, Aug. 8: Pride Hotels plans to invest Rs 700 crore in the next three years to develop four wholly owned properties and expand an existing unit.
The hospitality firm will develop 400-room properties in Delhi and Mumbai and 100-room properties in Goa and Alibaug (Maharashtra). These properties will be both built and managed by Pride. The company is also adding additional 75 rooms to its Nagpur property.
To fund these projects, the company has lined up an investment of over Rs 700 crore, which would be a mix of borrowing and internal accruals.
Besides these, the company is also looking to enter into management contracts on properties located in Chandigarh, Munnar (Kerala), Indore, Bhubaneshwar, Mysore and Hyderabad, among others.
"At present we are operating 14 hotels across the country with a room count of 1,100. We are looking to increase this to about 3,000 rooms through various expansion projects," S.P. Jain, managing director of Pride Hotels Ltd, said at the launch of its hotel at Rajarhat today.
"Once these expansions come through, we could reach a turnover of Rs 300 crore from the present Rs 125 crore," Jain added.
The 153-room Rajarhat property is the first Pride Hotel in the east. It was set up at an investment of Rs 100 crore.