Sarovar Hotels to build 23 hotels in Gulf
Sarovar Hotels chalks out an ambitious Rs 500 crore plan to expand its operations in the country by building about two dozen hotels in Gulf.Updated: Jun 22, 2007 12:23 IST
Major hotel chain, Sarovar Hotels, has chalked out an ambitious Rs 500 crore plan to expand its operations in the country by building about two dozen hotels and eyeing the lucrative market in the Gulf.
The group has tied up with investors to build as many as 23 hotels and upgrade some of them. It is also building three hotels two in Chennai and one in Chandigarh out of its own funds, Sarovar Hotels Executive Director (ED) Ajay K Bakaya told PTI here.
The group would invest a total of over Rs 500 crore in the 23 hotels spread across the country, including Rs 100 crore in the three hotels, he said, adding that all these hotels would come up in the next three years including four hotels this year itself.
Asked whether the erstwhile hotel management company had plans to open hotels or resorts abroad, he said "We are focussing on Dubai and other areas of the Middle East. We are in talks with investors there." The group already runs a property in Dar es Salaam in Tanzania.
Within the country, "We are looking for more such deals", he said, adding that at places where the land prices were high, Sarovar was considering long-term leases for 50-60 years.
First Published: Jun 22, 2007 12:20 IST