Leisure Hotels to invest Rs 160 crore, add nine new properties

Leisure Hotels Group Director Vibhas Prasad said that out of the upcoming properties, three will be managed by the group while it will own and operate the rest six properties.

Published: 06th August 2019 09:58 AM  |   Last Updated: 06th August 2019 09:58 AM   |  A+A-

Rs 2000, cash,money

Image used for representational purposes.

By Express News Service

Hospitality firm Leisure Hotels Group is going to invest Rs 160 crore to add nine properties across India by the end of 2021, a top company official has said. The group presently has 27 boutique properties with more than 870 rooms in India.

“We will be investing Rs 160 crore to add nine properties across the country by end of year 2021. Apart from this, we will also be adding 70 rooms in our existing property in Naukuchiatal during this period,” Leisure Hotels Group Director Vibhas Prasad said.

ALSO READ: State amendments may dilute impact of  Model Tenancy Act 2019

He further said that out of the upcoming properties, three will be managed by the group while it will own and operate the rest six properties.

Prasad informed that the new properties will come in places such as Greater Noida, Dehradun, Haridwar, Bhimtal, Manali, Rishikesh, Pench and Kanha among others.

One being asked about how the group plans to fund the expansion, Prasad replied it would be a mix of debt and internal accruals. The expenditure will mainly be done on properties that the group owns and operates, he added.

Regarding its business model, Prasad said: “We are transitioning from being an asset owning company to an ‘asset right’ company.” Founded in the year 1989, the Leisure Hotels Group, at present, owns 80 per cent of the properties in its portfolio and manages the rest 20 per cent. On being asked about the strategy for future growth of the company, Prasad replied: “We are predominantly a domestic hotel brand and have a strong focus on domestic tourists to drive the business.”

The group’s portfolio currently comprises hotels, resorts, luxury villas and camps at various places. Leisure Hotels Group is also planning to launch a hostel in Rishikesh the next year.

(With PTI inputs)

Stay up to date on all the latest Business news with The New Indian Express App. Download now
(Get the news that matters from New Indian Express on WhatsApp. Click this link and hit 'Click to Subscribe'. Follow the instructions after that.)

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp