Kamat Hotels India announces new hotel management, leasing arm, Ira by Orchid Hotels
- BSE-listed Kamat Hotels expects to open eight to 10 new properties across the country in locations like Sambhajinagar (Aurangabad), Nashik, Jamnagar, Bhavnagar, and Dehradun to begin with
New Delhi: Kamat Hotels India Ltd has announced a new venture, Ira by Orchid Hotels, intended to be a chain of mid-market hotels in the country which will compete with brands like IHCL-owned Ginger and Lemon Tree Hotels' Red Fox and others.
The venture will focus on tier 2 and 3 markets other than Mumbai and Bhubaneswar. BSE-listed Kamat Hotels expects to open eight to 10 new properties across the country in locations like Sambhajinagar (Aurangabad), Nashik, Jamnagar, Bhavnagar, and Dehradun to begin with.
The properties will be on lease and on a revenue share model, much like how mall owners manage with shops. Not all the company's managed assets will be their own. The company will continue to model its hotels along the lines of its existing 'The Orchid', a 5-star hotel brand in Mumbai.
The company was established by Vithal Venkatesh Kamat, and his son Vishal Kamat is the executive director. The company's portfolio of businesses includes timeshare rentals, clubs, resorts, heritage hotels etc.
In January, Mint had reported that the company had a total income of ₹145.63 crore at a consolidated level and its VITS unit had a turnover of ₹35.60 crore in FY22
"We aim to continue the legacy of our brands while infusing it with a fresh and exciting energy that resonates with the aspiring India," said Vishal Kamat.
The company said it will focus on its food and beverage offerings and differentiate itself in the market. “The food and beverage segment is poised to play a pivotal role in shaping the identity of the brand. We recognize that the culinary experiences we offer will leave a lasting impression on our guests and contribute to their overall perception of our brand," he added.
Earlier this year, Kamat Hotels India had signed an agreement to sell the Mumbai-based VITS hotel for up to ₹125 crore. But this is not the first time it has done so. In June 2015, too, it had put its VITS hotel up for sale for ₹190 crore.
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Business NewsCompaniesNewsKamat Hotels India announces new hotel management, leasing arm, Ira by Orchid Hotels
First Published:23 Jun 2023, 05:21 PM IST
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