Business Daily from THE HINDU group of publications
Thursday, Dec 20, 2007
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Thursday, Dec 20, 2007 ePaper | Mobile/PDA Version |
|
|
|
|
|
|
|
Corporate
-
New Projects Pride Hotels to invest Rs 340 cr for expansion Our Bureau Mumbai, Dec. 19 The Pride Hotels, a Mumbai-based five-star business hotel chain, plans to go in for an initial public offering in the first quarter of 2008 to part-fund its total expansion plan of Rs 340 crore. The group has already received part investment of Rs 45 crore from Kotak India Real Estate Fund making it an 11.1 per cent stake holder in the group’s existing capital. Rs 10 crore have also been received from a Mauritius-based primary fund. Mr S.P. Jain, Chairman of Pride Hotels told newspersons, “We currently offer 430 rooms in Nagpur, Ahmedabad, Pune and Chennai. The expansion plan is geared towards taking the number to 1126 adding 696 rooms by 2009-2010, covering western and southern India.” ExpansionPride plans to setup a 200 room hotel in Mumbai for which the land has been taken near the international airport. Other projects include a 100 room hotel over 4.5 acre in Alibaug, another 100 rooms in Goa and the group claims its Bangalore hotel is nearing completion and would be open by June 2008. The hotel group would also be looking at budget hotel segment as well with its Pride Biznotel brand. However, Mr Jain said Pride Hotels would not own these properties and would rather go in for marketing or management contracts in various two-and three-tier cities. More Stories on : New Projects | 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 | The Hindu ePaper | Business Line | Business Line ePaper | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2007, 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
|