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"C R Travels" Plans To Setup 3 Five-Star Properties
Posted by Pradeep Sadanapalli | August 26, 2006 | 484 views
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Loading ...C R Travels, a Mumbai based travel agency specialising into inbound, outbound and domestic tours and part of Kamala Group, have announced plans to venture into the hospitality business and will be setting up three five star hotels in the next three years. The properties will come up in Mumbai, Goa and Hyderabad and C R Travels has already bought land for these projects and is in talks with leading international hotel groups who already have a presence in India.The Goa property will be a 200-room five star luxury resort, while the projects in Mumbai and Hyderabad will be five star business hotels. The Mumbai property, a 400-room project will come in Central Mumbai (Lower Parel) close to Phoenix Mills, which has been developed as a major shopping area.
The investment in Goa is to a tune of Rs 200 crore for a 17 acre property and the investment for the Mumbai project is approximately Rs 300 crore. The investment for the Hyderabad project is between Rs 100-150 crore. The funding for the projects will be part in-house and part other private investors. The Goa project is scheduled to be operational within two years from the time the international management partner is finalised, which is slated to happen very soon. Kamala Group has a turnover of 1,000 crore and asset base of Rs 3,000 crore.
Speaking about the company’s foray into hospitality and its future plans, Raju Bhavnani, managing director, C R Travels and director, Kamala Group, said, “The future of the Indian hospitality segment is extremely bright and this is the right time to venture with big investment projects. The future is all about being big. The shortage of rooms and the pushing demand for the same with hotel prices going through the roof both domestically and internationally, the time seems just right.”
Sources:
Express TravelWorld
Topics: Hospitality, Business News |
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