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Raheja Developer plans to enter hospitality sector

Delhi-based Raheja Developers is planning to enter the hospitality sector with the Indian Hotel Company. The group plan to develop six hotels in the next four years, wherein four hotels will be busine


March 27, 2008  |  comments ( 0 )  | 
Delhi-based Raheja Developers is planning to enter the hospitality sector with the Indian Hotel Company. The group plan to develop six hotels in the next four years, wherein four hotels will be business hotels in four-five-star category and two will be in the budget category. The company plans to develop only one 300 room stand-alone business hotel in Gurgaon while the rest will be within the premises of the shopping complexes. The investment in this project excluding the land price is estimated to be approximately Rs.150 crore with an additional cost of Rs.50 lakh for the interiors. The company has signed a management contract with the Taj Group to develop two 400-room business hotels in its malls in Gurgaon and Panipat. Raheja`s mall in Panipat will house Taj`s budget brand Ginger. The hotel will be operational by next month. Roots Corporation, a wholly owned subsidy of the Indian Hotel Company had acquired Rail Yatri Niwas for the same purpose. The company is trying to rope in other real estate players for further expansion of these hotels. Combating with the problems posed by the exorbitantly priced real estate, the company has opted for setting up budget hotels in malls. Ginger Hotels has entered into a lease agreement with Ansal API in Mohali and Amritsar and with Aerens in Ludhiana.
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