MIM Group, which owns Citizen World Travels Ltd. and Treasure Tours and Travels Pvt. Ltd. is all set to foray into the booming hospitality business by setting up a chain of boutique hotels and spas in the country. A subsidiary company will be established to manage its hospitality operations.
Speaking to TravelBiz Monitor, Iqbal Mulla, Chairman, MIM Group disclosed that, “The group is currently in dialogue with a few international investors based in London and Nairobi for setting up these boutique hotels and spas with an investment of approximately Rs 150 crore.”
As per the slated plans, MIM Group will set up properties at Mumbai, Bangalore, Hyderabad and Goa, with the hotels’ theme focusing on the culture of the state. Initially, two spas will be set up — one close to Mumbai and the other in Kerala. These properties are expected to be operational by end of 2009. The Group will also consider investing in the land and even developing the properties.