Financial Daily from THE HINDU group of publications
Friday, Nov 26, 2004
Financial Daily from THE HINDU group of publications Friday, Nov 26, 2004 |
|
|
|
|
|
Corporate
-
Announcements Taj keen on presence in London, New York Our Bureau
New Delhi , Nov. 25 THE Taj group of hotels, which is keen to have a presence in London, New York and China, also plans to set up luxury apartments in various Indian cities including Chennai, Hyderabad and Bangalore. "London, New York, Shanghai and Beijing are gateway places where we would look to invest," said Mr Raymond Bickson, Managing Director of Indian Hotels Company. The group recently raised $150 million to fund overseas acquisition and upgrade properties. On the issue of how much each property in these foreign cities was likely to cost, Mr Bickson said that it was not possible to put a figure on this. "The amount which has to be invested in a city location will depend on several factors including the location of the property and whether it is a single asset or not among others." Besides, the group will be setting up more budget hotels called Indione within the country, Mr Bickson said, adding that an agreement was recently signed for four such hotels in Orissa. "Initially, we will concentrate on having these budget hotels in India. We are planning them in secondary and tertiary cities like Haridwar and Ludhiana. We plan to have at least 10-15 hotels every year." He was optimistic of the industry doing well during the remaining part of the year. "Generally, the first two quarters of any year are the slowest and lowest. But during the first two quarters of this year, almost everyone has reported good room rates and room occupancy. We are positive for the rest of the year," Mr Bickson said.
More Stories on : Announcements | Hotels
Article E-Mail :: Comment :: Syndication :: Printer Friendly Page
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | Business Line | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2004, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|