Keys Hotels to invest Rs 345 cr to expand India operations
Keys Hotels, a mid-market brand owned by Berggruen Hotels, plans to invest about Rs 345 crore over the next 18 months to expand operations in various Tier II Indian cities.business Updated: Nov 15, 2009 10:07 IST
Keys Hotels, a mid-market brand owned by Berggruen Hotels, plans to invest about Rs 345 crore over the next 18 months to expand operations in various Tier II Indian cities.
Berggruen Hotels, which currently operates properties in Thiruvananthapuram, Lonavla and Hyderabad, has chalked out plans to build and operate many more hotels across India over the next five years, the company said in a release in Mumbai.
"There is significant interest from hotel owners for using Keys Hotels brand for marketing and operating their hotels on the strength of its brand positioning, operating model and team strength," Berggruen Hotels Managing Director Sanjay Sethi said in the release.
"On cues of global economy recovery, we are very optimistic about the growth of Keys Hotels. We shall be deploying USD 72 million (or about Rs 345 crore) in equity and debt in the next 18 months to fund growth," Sethi said.
The company has commenced construction of hotels and resorts in Pune, Aurangabad (in Maharashtra) and Kochi. It would also soon begin work on properties in Visakhapatnam, Jammu and Kovalam, the release said.
"This financial year will see three other Keys Hotels and resorts opening at Ludhiana, Mahabaleshwar, Bangalore," Berggruen Hotels said.