New Delhi: Aiming to fill the gap of budget and luxury hotels, UK-based Dawnay, Day International announced its foray into the Indian hospitality sector with an investment of Rs1,000 crore to develop 8-10 hotels across the country by 2010.
“There is a huge gap between budget and luxury hotels. We plan to develop 8-10 new hotels by 2010 in four star category and for that we have earmarked an investment of Rs 1,000 crore in the country,” Dawnay, Day Hotels India Pvt Ltd Managing Director Mandeep S Lamba told PTI.
“The company plans to construct 1,500-2,000 rooms under the brand ‘Ten Hotels´, which would be built in Tier I and Tier II cities. Apart from constructing, our company will also manage the hotels,” he added.
“To start with, the company would open the first hotel with 115 rooms in Jaipur in the next six months,” Lamba said.
“We will invest Rs 350 crore to develop the first three hotels in Jaipur, Pune and Ahmedabad. These all will be completed and opened by the second half of 2009,” he added.
The Ahmedabad hotel would have 124 rooms, while the Pune hotel would have 171 rooms with 70 service apartments. Besides these three, the company has zeroed in on five other locations - Lucknow, Bangalore, Chennai, Coimbatore and Nagpur - to develop eight hotels.
“In these cities, we are at various stages of acquiring land. These will also be completed by 2010,” Lamba said.
When asked about the expected revenue after operationalisation of the hotels, he said: “By 2010, we hope to have a turnover of about Rs250-300 crore.”
On possible room rents of the forthcoming hotels, Lamba said it would vary from $120 to $150.