Sarovar Hotels and Resorts will open two hotels in east Africa shortly. It already has two hotels in operation in Africa, and is keen on having a presence in West Asia, according to its executive director Ajay K Bakaya.
Sarovar will also set up six Hometel hotels in the country in three years or so and each would entail an investment of Rs 25 crore, making a cumulative investment of Rs 150 crore, he said.
It already has six such hotels that it owns and operates.
"Hospitality industry is witnessing an interesting trend. There is a huge shortfall in the supply. At the same time, their number is also increasing at a faster pace. There is scope for new players and prices will come down from the present level," he said speaking at the launch of Aditya Sarovar Premiere, its luxury hotel at Hyderabad.
Sarovar Premiere has been built by city-based Manjeera Group at an investment of Rs 130 crore. This has 203 keys. This is the third hotel by Manjeera and managed by Sarovar.
Manjeera, with interests in real estate and hospitality, will look to raise about Rs 150 crore through private equity players by giving up a part of its stake in one of its ventures in a year, said its chairman G Yoganand.
This will be used for funding its ongoing real estate ventures and also upcoming hotel at Vijayawada.
However, he declined to quantify how much equity will be divested for raising this capital.
Of this, Rs 100 crore will be spent on real estate for completing the existing ventures and also initiating new projects. As of now, it has projects going on in 30 acres in multiple locations around Hyderabad.
The proposed hotel at Vijayawada, which will be launched under the brand Hometel, will be taken up in a public private partnership on the land belonging to the Government.
http://www.mydigitalfc.com/companies/sarovar-hotels-eyes-biz-east-africa-108
Sarovar will also set up six Hometel hotels in the country in three years or so and each would entail an investment of Rs 25 crore, making a cumulative investment of Rs 150 crore, he said.
It already has six such hotels that it owns and operates.
"Hospitality industry is witnessing an interesting trend. There is a huge shortfall in the supply. At the same time, their number is also increasing at a faster pace. There is scope for new players and prices will come down from the present level," he said speaking at the launch of Aditya Sarovar Premiere, its luxury hotel at Hyderabad.
Sarovar Premiere has been built by city-based Manjeera Group at an investment of Rs 130 crore. This has 203 keys. This is the third hotel by Manjeera and managed by Sarovar.
Manjeera, with interests in real estate and hospitality, will look to raise about Rs 150 crore through private equity players by giving up a part of its stake in one of its ventures in a year, said its chairman G Yoganand.
This will be used for funding its ongoing real estate ventures and also upcoming hotel at Vijayawada.
However, he declined to quantify how much equity will be divested for raising this capital.
Of this, Rs 100 crore will be spent on real estate for completing the existing ventures and also initiating new projects. As of now, it has projects going on in 30 acres in multiple locations around Hyderabad.
The proposed hotel at Vijayawada, which will be launched under the brand Hometel, will be taken up in a public private partnership on the land belonging to the Government.
http://www.mydigitalfc.com/companies/sarovar-hotels-eyes-biz-east-africa-108