Rs 2,000 cr, 52 hotels: Sant Chatwal in India hunt
Eyeing India as the new growth frontier, Sant Chatwal - the New York-based hotelier - has chalked out elaborate expansion plans to open 52 hotels across the country over the next five years. HT reports.business Updated: Jan 09, 2012 22:22 IST
Eyeing India as the new growth frontier, Sant Chatwal - the New York-based hotelier - has chalked out elaborate expansion plans to open 52 hotels across the country over the next five years. The new hotels under the brands 'Dream' and 'Night' will be managed by the global hospitality major Wyndham Hotel Group.
"We will invest around Rs 2,000 crore over the next five years," said Chatwal, chairman and CEO of Hampshire Hotels & Resorts. Chatwal added that the funds, which would come through internal accruals will go into buying equity in individual hotel properties.
Contours of the expansion plan describe that there would be a tripartite arrangement between Chatwal's group hotels, the Wyndham Group and the hotel property owner. All three partners will be bound through a revenue share agreement.
Chatwal explained that new hotel properties would be developed though franchisee route.
Chatwal added that the group has already signed deals for 18 hotels that would come up in cities such as Delhi, Mumbai, Goa, Pune, Kolkata, Hyderabad, Ahmedabad, Raipur, Coimbatore, among several others.
The lifestyle hotels are the brainchild of Chatwal's son Vikram. "Our aim is to be the largest boutique hotel company in the world in the next 10 years," said Vikram Chatwal.
He added that over the next ten years the company aims to have around 100 hotels in India.