Business Daily from THE HINDU group of publications
Thursday, Nov 08, 2007
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Thursday, Nov 08, 2007 ePaper | Mobile/PDA Version |
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Corporate
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New Projects Pride Hotels to expand hospitality chain Our Bureau Pune, Nov. 7 Mumbai-based Pride Hotel Group is all set to expand into other locations for which it has earmarked Rs 350 crore. Mr S.P. Jain, Chairman and Managing Director, Pride Hotels Ltd, said the group has presence in Pune, Nagpur, Ahmedabad and Chennai. It has also picked up land in Bangalore for its new venture. He said the construction of the 105-room hotel is on and would be opened by June 2008. With this, it would be having a room capacity of 438 across all its locations. Mr Jain said the group would be ramping up its capacity in its existing locations. Pune would be adding up another 43 rooms, Nagpur 73 and Ahmedabad 60. However, Chennai would not be ramped up, as it was a recent acquisition. The group has also acquired a seven acre land in South Goa for a 100-room resort. It is also looking at locations in Mumbai and Hyderabad. Kotak India Real Estate Fund had recently made an equity investment of Rs 45 crores in Pride Hotel Group. Kotak holds 11 per cent stake in the group and the rest is with the family. Pride Group is also looking at coming out with an initial public offering. When the IPO hits the market, the family would be holding 70 per cent stake while the remaining would be with the public. Kotak’s stake would be reduced to seven per cent which would be part of the 30 per cent. Commenting on the financials, Mr Jain said the group had recorded a turnover of Rs 28.72 crore in 2006 and Rs 51 crore in 2007. For the last six months, it has recorded a turnover of Rs 33 crore as against Rs 20 crore in the corresponding period last year, a growth of 65 per cent. More Stories on : New Projects | Hotels
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