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Ansal properties to set up 30 hotels

Ansal properties to set up 30 hotels
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First Published: Fri, Jun 29 2007. 05 54 PM IST
Updated: Fri, Jun 29 2007. 05 54 PM IST
PTI
New Delhi: Ansal Properties and Infrastructure Ltd (APIL) has floated a new Special Purpose Vehicle with Ambience Hospitality Management Pvt Ltd to set up 30 hotels with an investment of Rs 2000 crore.
APIL, subsidiary of Ansal API, and Ambience Hospitality Management would have an equity of 80 per cent and 20 per cent respectively in the SPV. With an investment of Rs 2000 crore, the company is planning to set up 30 hotels within 10 years.
The proposed SPV would build palace hotels, golf resorts, business hotels, leisure hotels, spas, clubs and service apartments. The palace hotels would be owned and managed by the SPV and the golf resorts and clubs under the SPV would be managed and branded by an international hotel chain.
Ansals wants a pie of the hospitality market share which is growing at 8.8% per annum. They have already finalized a palace hotel in Jodhpur and golf resort in Lucknow in the luxury hotel segment.
Ansal API Chairman Sushil Ansal said, “With over 40 years of experience in the real estate sector in India and overseas, we are confident of catering to a growing niche audience who wants exclusive properties to vacation and combine business with pleasure.”
Hotel sites have been identified at Greater Noida, Mohali, Jaipur, Jodhpur, Amritsar, Lucknow, Ghaziabad and other cities in south India.”
Ambience Hospitality Management Ltd under Vipin Luthra, owns and manages The Palms-Town and Country which is also responsible for making “Geoffrey’s” and “The Oriental Bloom”.
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First Published: Fri, Jun 29 2007. 05 54 PM IST