Lalit Suri Group to invest Rs. 2,200 cr in 5 yrs for expansion | business | Hindustan Times
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Lalit Suri Group to invest Rs. 2,200 cr in 5 yrs for expansion

The Lalit Suri Hospitality Group will invest around Rs. 2,200 crore for expansion in luxury and mid-segment hotels in the next five years and the company plans to have 45 properties in all by 2017, chairperson and managing director Jyotsna Suri said here on Thursday.

business Updated: Jul 12, 2012 22:30 IST
HT Correspondent

The Lalit Suri Hospitality Group will invest around Rs. 2,200 crore for expansion in luxury and mid-segment hotels in the next five years and the company plans to have 45 properties in all by 2017, chairperson and managing director Jyotsna Suri said here on Thursday.

Suri announced the group's foray into the European market with its property in UK - The Lalit London, acquired at a guide price of £15 million from Berkeley Homes.

Another £12 million to £13 million will be spent in restoration and development and the group's first international hotel will be operational by 2014. This is likely to be followed by properties in Thailand and Dubai.

"The Lalit London will have 70 rooms and suites, catering to avid business as well as the leisure travellers," Suri said. "The property's restoration work will start in early 2013 and it will be operational by the end of 2014."

The group will have a total room inventory of 3,600 rooms with 45 properties in the next five years, up from 1,796 rooms from 17 properties at present.

On the funding of the investment, she said it would be through a mix of internal accruals and debt.

On the expansion in India, she said the group would be setting up new properties in Kolkata, Chandigarh, Ahmedabad, Amritsar, Pune and Dehradun. To meet these expansion targets, the group would also be hiring about 1,000 people and take the total employee count to about 5,000.