The Hindu Business Line : Panoramic to spend Rs 130 crore to buy hotels

MUMBAI: On an expansion spree, mid-sized hospitality firm Panoramic Universal has said it will invest an additional Rs 130 crore, to acquire and renovate two hotels and set up a new three-star hotel in Jaipur.

“We are close to acquiring two hotels in Secunderabad and Ahmedabad. The cost of acquisition will be Rs 16 crore each,” Panoramic Universal Senior Vice-President (Finance) Mr Utpal Parekh said here.

Mr Parekh said the company would put in an additional Rs 36 crore in the semi-finished Secunderabad property, now belongs to Vatsa Hotels. While, the Ahmedabad property, Hotel Platinum Inn is running and has 35 rooms.

Land for the proposed Rs 60 crore hospitality project in Jaipur has already been acquired, Mr Parekh said adding that the company expects to start the construction work soon.

Panoramic Universal would raise Rs 80 crore equity through preferential allotment of shares or a GDR issue and Rs 30 crore debt from domestic financial institutions. The remaining would come from internal accruals, he said.

The Secunderabad project would have 90 rooms and take 18 months to be fully ready. It will have two restaurants and bar with a theme concept, he said.

Panoramic Universal has four operating hotels in India, five in the US and one in New Zealand. In addition, the company has already acquired space to build two three-star hotels at Vachoor and Munnar in Kerala and one resort in Goa.

It also proposes to set up a five-star hotel at Kumarakoum in Kerala for which land acquisition is currently going on. Total investments in these four projects would be around Rs 500 crore, he said. - PTI

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