Mumbai: The O P Munjal-led Hero Group on Monday made a foray into the hotels and hospitality sector after winning a bid for a 5-star deluxe hotel in Gurgaon.
“Looking at the huge growth potential and dynamic social changes, we see a room for a high-end hotel in this part of the NCR (National Capital Region),” Hero Motors managing director Pankaj Munjal said in a release issued here.
While the group will develop the property, it will be managed by O&M Hotel Companies, he said.
The company did not offer any time frame for the project, nor did it quantify its investment in the property.
“This is just a beginning for us, the sector is growing and going forward we would like to grow as the sector achieves new heights. This is the right time for us to venture into the sector,” he added.
The average growth rate in tourism over the past five years has been over 9% and the number of foreign tourists arrivals was 5.6 million last year.