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Bharat Hotel may float real estate co
Our Bureau
New Delhi
,
March 6
Bharat Hotels Ltd is exploring the option of launching another company to diversify into the real estate development business, the Group promoter and Chairman and Managing Director, Mr Lalit Suri, has said.
"We will look at making small self contained group houses spread over about 100 acres. The new company, however, will not be promoted by Bharat Hotels," Mr Suri said.
The Group has also drawn up plans that will see it open hotels in a host of cities including Chennai, Bekal, Hyderabad, Jaipur and Amritsar.
"We plan to increase the number of rooms on offer from the existing 1,800 rooms to 3,000 rooms by 2008-09. The cost of the expansion, excluding the hotel in Chennai has been estimated at about Rs 1,100 crore " Mr Suri said. The Group is examining the options of either going in for private placement or an initial public offering to fund the expansion plan, Mr Suri said and added that the sentiments were towards going in for an IPO.
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