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Bangalore-based hospitality firm Phoenix Group Global on Friday said it has earmarked an investment of Rs 450 crore to build its branded luxury hotels and resorts.
The first 5-star hotel under the Zuri brand will come up in Bangalore, in January 2009.
Terming it as a natural progression for the company to launch their own brand, Abhishek Kamani, director, Phoenix Group Global said that their contract with Carlson Hotels is due for a review early next year. “We will take a call on whether to continue with the agreement or adopt the Zuri brand for our existing properties depending on how the talks progress with Carlson,” said Kamani. Phoenix is keen on promoting its own brand.
However, its two international hotels will come under the Zuri fold in three months. The company’s first hotel under the new brand name - Zuri Whitefield in Bangalore has seen an investment of Rs 200 crore. Phoenix is also investing Rs 100 in another luxury hotel in Devanahalli, Bangalore.
The company is targeting Rs 60 crore of revenues from its first hotel and currently gets around Rs 90 crore each from its Indian and international hospitality operations.
source| financialexpress
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