Zuri Group plans Rs 700cr investment in hotels, realty
Zuri Group Global, which is present in the high-end hotel, real estate and floriculture sectors, has announced plans to invest Rs 700 crore in hospitality and real estate ventures.india Updated: Apr 05, 2010 20:47 IST
Zuri Group Global, which is present in the high-end hotel, real estate and floriculture sectors, has announced plans to invest Rs 700 crore in hospitality and real estate ventures.
Zuri will invest Rs 400 crore in setting up two five star luxury hotels in Bangalore and Nairobi in Kenya, and Rs 300 crore in its 250-acre premium villa-cum-apartment project in Goa.
“Both the hotels would complete within 20 months. The new 160-room hotel at Bangalore is near the airport and it would be a mix use project on six acres,” said Bobby Kamani, managing director, Zuri Group Global.
“We have started work on the 150-room hotel in Nairobi and we are waiting for final clearances for the villa project in Goa to begin work,” he said.
The group is backed by a consortium of investors from the Middle East and so far has invested over Rs 900 crore in India. It has properties in India, Kenya and UK, including four hotels in India which are run under the brand name of Zuri.
Apart from organic growth, Zuri now plans to grow aggressively through management contracts. “Though (we are) very young, hotel owners are coming to us to run their projects. Two hotels in Sikkim and Kolkata have been finalised while one in Hyderabad is at an advanced stage,” said Kamani.
“We are very keen to have a presence in Delhi and Mumbai and are looking for hotels either through management contracts or outright lease,” he said.
Kamani said Zuri hotels, which started only last year after taking back properties from foreign hotel chains, is fast catching up among upwardly mobile corporate executives and visitors, who seek value for money luxury service.
The group, which has 250 hectares of land in Kenya producing 150 million roses a year for the export markets of UK and Dubai, is also expanding its wind energy business in India and geo-thermal energy business in Kenya.
The group employs over 2,100 people globally including 1,200 in India and wants to meet its capital investment through a mix of debt and equity.
“We see tremendous business opportunity here; that is why my cousin Abhishek and I shifted to India five years back to grow the group’s business. We have seen growth even during recession and we will invest heavily as we are impatient to grow,” said Kamani, who was born and brought up in Kenya.