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The realty company plans to develop six hotels during
the next four years.
Four of these will be business hotels in four –or
five Star categories, two will be budget hotels. There will be one stand-alone
hotel in Gurgaon and others will be part of their shopping complexes.
The investment in the 300-room stand-alone business hotel will be to the
tune of Rs 1.50 billion ($37.5 million) excluding land price and cost
of furnishing.
According to Economic
Times, the group has already negotiated terms for a management contract
with the Taj Group to develop two hotels, a 400-room business hotel in
its mall in Gurgaon and another in Panipat which will house Ginger, the
budget hotel from Taj.
Its first property will be operational by next month
for which Roots Corporation, wholly-owned subsidiary of the Indian Hotels
Company, had acquired Rail Yatri Niwas.
Prabhat Pani, CEO of Roots Corporation and Ginger Hotels
said that they are in talks with real estate players to sign management
contracts for their expansion, but have not disclosed the name of these
companies.
Taj Expressway Hotels Bids open
In the meanwhile, Noida has invited bids to set up nine
hotels near the Taj Expressway, being built connecting Noida to Agra.
Noida plans to set up three 5-star hotels, two 4-star
hotels and four 3-star hotels, it said in a newspaper advertisement issued
today.
The authority has set a reserve price of Rs.77,000(over
$1,900) a square meter and will open the qualification bids on April 24.
The plots for the five-star hotels have an area of 24,000 square meters.
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