NEW DELHI: Hospitality chain Leisure Hotels Group is looking to invest around Rs 100 crore to add eight properties by the end of 2020 and come up with seven more hotels that will be managed by the company but funded by asset owners, a top company official said.
The group currently operates 26 boutique properties with around 700 rooms across the country.
The company plans to add a total of 15 hotels, of which, it will own eight properties. The seven other hotels that it plans to add will be managed by the company and for them the investments will be mainly made by the asset owners.
“We are planning to add 15 hotels by the end of 2020. Out of them, eight will be owned by us and we will be spending around Rs 100 crore for these properties,” Leisure Hotels Group Director Vibhas Prasad told .
The seven other hotels that the company plans to add will be managed by the company and for them the investments will be mainly made by the asset owners, he added.
The new properties will come up at various locations in Uttarakhand, NCR and Goa, Prasad said.
On being asked about how the company plans to fund the acquisition, Prasad said: “It will be a mix of debt and internal accruals. Our expenditure is mainly on the properties that we own and operate.”
Going forward, the business model the company will follow will be a mix of owned hotels and managed properties, he added.
Founded in 1989, the company’s portfolio comprises of hotels, resorts, luxury villas and camps.
Source: Press Trust of India