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| Best Western Intl eyes 66 new hotels in five years |
| Press Trust of India / New Delhi Jan 06, 2012, 20:01 IST |
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Global hotel chain Best Western International (BWI) today said it expected to raise Rs 1,600 crore from various franchisees to set up 66 new hotels in India over the next five years.
"We are talking to over 200 properties and hopeful of setting up 66 new hotels in India by 2017," Best Western India President and Chief Operating Officer Sudhir Sinha said.
"We are expecting to see an inflow of Rs 1,600 crore investments from our franchisee holders in building up these properties," he added.
Sinha said he was expecting an investment in the range of Rs 55-60 lakh per hotel room in the five-star hotel category, Rs 40 to 45 lakh in the four-star category and Rs 20 to 25 lakh in the three-star hotel category, excluding the price of land.
The company plans to open 10-15 hotels every year in India, with a focus on cities other than metros.
"India is one of the fastest growing geographies and we are confident of meeting the hospitality needs across all segments of travellers here. We plan to open 10-15 hotels every year here and will also focus on the growth opportunity beyond the metros, where quality hospitality is just emerging," Best Western International President and Chief Executive David Kong said in a release.
"Return on investment is high in tier-2 cities. We will focus on growth opportunity beyond the metros, where quality hospitality is just emerging, especially in Tier-2 and Tier-3 cities," Kong told reporters in Mumbai.
"Best Western sees an opportunity across different segments and is equipped to meet the market needs with its three ranges of hotels -- Best Western, Best Western Plus and Best Western Premier. The renewed focus is part of its commitment to understanding and meeting the growing needs of customers here," he added.
Adding to this, Sinha said around 70-80% of new hotels will be in Tier-2 cities.
"We expect 60% of the property would be four and five-star hotels and the remaining 40% would be in three-star," Sinha said.
"The Indian economy is growing dynamically. We are projecting to have 100 hotels with around 8,500 rooms by 2017 here," BWI's Chairman of Board Devang Amin said.
BWI is a not-for-profit global consortium of hotels and the brand has a presence in over 100 countries, Amin added.
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