Plans to invest ₹100 cr by 2020
Mumbai, March 17, 2019: Leisure Hotels is in expansion mode with plans to add five properties to its portfolio this year and two more in 2020. It will invest around ₹100 crore by next year, a top executive said according to thehindubusinessline.com
The properties — mostly in hill areas — will be opened in Mussoorie, Rishikesh, Bhimtal, Dehra Dun and Greater Noida this year.
“Our focus has always been the hill areas. In the past few years, we have noticed that more and more travellers want to explore Uttarakhand and there is a lot of untapped potential in the region. We have also been expanding to Kasauli in Himachal Pradesh,” said Vibhas Prasad, Director, Leisure Hotels Group.
The company will invest around ₹100 crore in these seven assets. “We are estimating it to be around ₹75 crore but at times costs escalate, so we are keeping it around ₹100 crore,” he said
In 2020, the group will open two more properties in Naukuchiatal (in Nainital) and Haridwar.
The hospitality firm is also planning to bring some change in its business strategy. “Earlier, we largely used to own our assets but now we are aggressively expanding with the management vertical. We will continue to focus on upscale leisure segment and continue to expand in this,” he said.
In the days to come, the company will go for deeper partnership with the Taj Hotels group and Club Mahindra.
Currently, the company has 25 assets, which include resorts, hotels, bungalows and villas.