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Pride Hotels to enter Hyderabad
Posted by Srini Uppala | December 26, 2007 | 881 views
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Loading ...Mumbai-based Pride Hotels is in advanced negotiations with the developer of a newly-built 90-room hotel in Hyderabad for managing and marketing the same under its no-frill Pride Biznotel brand. This will also mark the company’s foray into Hyderabad. Besides, it plans to set up its own 5-star hotel in the city in the near future.
Pride currently operates four 5-star hotels with a combined capacity of 430 rooms in Nagpur, Ahmedabad, Pune and Chennai.
“We may announce the deal in a week,” SP Jain, chairman, told mediapersons here on Wednesday .
The company which has plans to add 696 more rooms through brownfield as well as greenfield expansion at an investment of Rs 340 crore in the next couple of years, is also simultaneously planning to increase the presence of Biznotel, where it does not own the property but only manages and markets the hotels, in several cities including tier II and tier III towns, according to him.
It has already announced to come out with a public issue next quarter with a total dilution of 32 per cent equity in Pride Hotels.
Meanwhile, the company is said to have identified the land for setting up its 5-star hotel in Hyderabad.
SOURCES:
Business Standard
Topics: Hospitality |
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