Hotels to come up in Kochi, Coimbatore

R. Ravikumar

Chennai, July 8 Muthoot Leisure and Hospitality, part of the Kerala-based Muthoot Group, plans to invest Rs 500 crore in putting up two 5-star hotels and a resort, Mr George Muthoot, Executive Director of the Muthoot Group, told

Business Line

.

The company plans a 250-room five star business hotel in 2.5 acres in Kochi envisaging a Rs 200-crore investment, and a five star beach resort at Rs 90 crore, for which it bought 25 acres of land in Mararikulam.

Private Equity

It also plans another five star business hotel at Rs 200 crore in Coimbatore. The company has acquired 2.5 acres on the Coimbatore bypass for the purpose. The group has secured some private equity funding for the projects, Mr Muthoot said, but did not want to name the PE.

Work on both these projects will begin this September and would be completed in two to three years’ time. The Muthoot group currently owns and operates one four-star resort—Muthoot Cardamom County—in Thekkadi, and ‘Gold Star’-rated luxury houseboats in the backwaters of Kumarakom. That apart, it owns a five-star property in Thiruvananthapuram called The Muthoot Plaza, run by Sarovar Hotels, and another five-star resort in Kovalam run by the Taj group—Taj Green Cove.

The Rs 14,000-crore Muthoot Group, apart from hospitality, has multiple business interests including banking and finance (the group’s flagship business), healthcare, education and real estate.

(This article was published in the Business Line print edition dated July 9, 2007)
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