Financial Daily from THE HINDU group of publications
Sunday, Apr 03, 2005
Financial Daily from THE HINDU group of publications Sunday, Apr 03, 2005 |
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Corporate
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Outlook Leela Group plans Rs 682.5-cr investment for new properties Our Bureau
Mumbai , April 2 THE Leela Group will invest $156 million (Rs 682.5 crore) for setting up new properties in Chennai and Udaipur and for renovating and enhancing its Mumbai and Bangalore properties. The group has announced an investment plan of over $120 million (Rs 525 crore) in its Chennai project and $20 million (Rs 87.5 crore) in its Udaipur project. The Chennai hotel is slated for a soft opening in early 2008, while the Udaipur hotel is scheduled to open in the second half of 2006. The properties in Mumbai are currently in the second phase of renovation and will receive an investment of about $12 million (Rs 52.5 crore). The construction of a new wing to house 120 additional rooms in the Bangalore hotel will cost about $4 million (Rs 17.5 crore). The Leela Group will also be setting up properties in Delhi and Hyderabad. Addressing mediapersons in Mumbai, Mr Peter J. Leitbeg, President, The Leela Palaces and Resorts, said, "The tsunami has not affected tourism in India. The increase in the number of international flights from Hyderabad and Bangalore has given a boost to the tourism industry." Mr Leitbeg said that The Leela hotel in Bangalore, with an occupancy of 83 per cent, is outperforming Taj and Oberoi by 10 per cent. Commenting on Bangalore as a city, he said, "Infrastructure is a nightmare, but the business is good". About overseas expansion plans, Mr Leitbeg said that the group was focusing on creating a premium hotel chain in India. To celebrate The Leela winning the 2005 International Five Star Diamond Award for all its properties and the Chairman, Captain C.P. Krishnan Nair, winning the life-time achievement award, The Leela is giving 280 D'damas diamond jewellery sets as special gifts for lucky diners at Jamavar restaurant chain of the group.
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