Uppal to develop seven luxury hotels by 2010
Expanding its business in the hospitality sector, real estate firm Uppal Group plans to develop seven luxury hotels by 2010, adding about 1,400 rooms across the country.india Updated: Jul 28, 2008 21:28 IST
Expanding its business in the hospitality sector, real estate firm Uppal Group plans to develop seven luxury hotels by 2010, adding about 1,400 rooms across the country.
The group today tied up with global hospitality major Marriott for developing and managing two five-star hotels, each in Gurgaon and Chandigarh, entailing a total investment of over Rs 500 crore.
"We have tied up with Marriott for two five-star hotels, which will be ready by next year. We plan to develop another five luxury hotels by 2010, with an addition of about 1,000 rooms," Uppal Group Managing Director Manish Uppal said here.
Uppal is currently running a hotel in Gurgaon under the brand - Uppal's Orchid.
For further expansion, the company has already identified some locations and is scouting for land, he said, without divulging any further detail.
"We are looking to tie up with Marriott for our future projects too," Uppal said, adding the company is exploring possibilities with other hotel management firm also.
Of the two hotels that Uppal has tied up with Marriott, one would come up in Gurgaon comprising 210 rooms, while other hotel in Chandigarh would have 175 rooms.
"We will be investing about Rs 500 crore for developing both properties which will be managed by international chain Marriott Hotel," Uppal said.
This would be a revenue-cum-profit sharing agreement with the international hotel chain, he added.
Both properties would be operational by 2009, he said.
The Delhi-based Rs 800 crore realty player is aiming a turnover of Rs 2,000 crore by 2010. It is currently developing four residential, two commercial and four SEZ projects in Northern India.