City-based Pride Group of Hotels has embarked upon a major expansion plan and plans to open five ‘five star’ hotels spread over a period of six years. The Rs 800 crore plan entails opening of luxury hotel in Goa in 2009 followed by Mumbai, New Delhi, Hyderabad and Alibaug in 2010.
‘Pride Biznotel’, the full service business hotel from the Group, will penetrate its reach in Tier-II cities, with launches scheduled at Noida, Rajkot, Kochi, Gurgaon and Kolkata by 2011, said a statement issued here.
Pride group currently operates ‘five star’ luxury hotels in Pune, Nagpur, Ahmedabad, Chennai and Bangalore. Under ‘Pride Biznotel’ and ‘Pride Resorts’ brands, the group has set up properties in Pune, Ranipet, Puducherry, Mahabaleshwar and Jaipur. While the 120-room five star hotels was recently launched in Bangalore, the 100-room hotel at Goa with an investment of Rs 55 crore will be operational shortly and a 250-room hotel at Mumbai at a investment of Rs 250 crore will be launched in 2010. SP Jain, managing director, Pride Hotels Ltd, said, “By 2015, we will have 30 hotels with 3,000 luxurious rooms in 30 cities to emerge as the third-largest hotel chain in the country. Once we emerge as a national hotel chain, we will explore possibilities of extending our reach to European and other Asian countries”.
“The company plans to raise Rs 200 crore through an initial public offering (IPO) in January 2010. The company will submit the draft offer document to the Securities and Exchange Board of India in a couple of months. Keeping in mind the growth plans of the company, Kotak Real Estate Fund has invested Rs 450 million and Primary Real Estate Investments, Mauritius have invested Rs 100 million in the equity capital of Pride Hotels Ltd,” said Jain.
‘Pride Biznotel’, the full service business hotel from the Group, will penetrate its reach in Tier-II cities, with launches scheduled at Noida, Rajkot, Kochi, Gurgaon and Kolkata by 2011, said a statement issued here.
Pride group currently operates ‘five star’ luxury hotels in Pune, Nagpur, Ahmedabad, Chennai and Bangalore. Under ‘Pride Biznotel’ and ‘Pride Resorts’ brands, the group has set up properties in Pune, Ranipet, Puducherry, Mahabaleshwar and Jaipur. While the 120-room five star hotels was recently launched in Bangalore, the 100-room hotel at Goa with an investment of Rs 55 crore will be operational shortly and a 250-room hotel at Mumbai at a investment of Rs 250 crore will be launched in 2010. SP Jain, managing director, Pride Hotels Ltd, said, “By 2015, we will have 30 hotels with 3,000 luxurious rooms in 30 cities to emerge as the third-largest hotel chain in the country. Once we emerge as a national hotel chain, we will explore possibilities of extending our reach to European and other Asian countries”.
“The company plans to raise Rs 200 crore through an initial public offering (IPO) in January 2010. The company will submit the draft offer document to the Securities and Exchange Board of India in a couple of months. Keeping in mind the growth plans of the company, Kotak Real Estate Fund has invested Rs 450 million and Primary Real Estate Investments, Mauritius have invested Rs 100 million in the equity capital of Pride Hotels Ltd,” said Jain.