Hotel development company Duet India will set up 20 hotels across the country during the next three-five years, a top company official said today.
Duet India Hotels would spend $166.50 million (Rs 800 crore) in their joint venture with InterContinental Hotels Group (IHG), Duet India Hotels Chief Investment Officer Navneet Bali told reporters here.
"We have planned to open 20 hotels with a capacity of 3,500 rooms in the next three-five years," he said.
The company had so far invested $63 million (Rs 283 crore) in seven projects with a capacity of 1,251 rooms in Jaipur, Pune, Ahmedabad, Indore, Hyderabad and Bangalore.
Stating that India had less number of hotels compared to those in Shanghai, he said they would develop the hotels under the brand Holiday Inn Resorts (in India) while IHG would maintain the hotels.
"We think this is the area of huge growth. We are already present in Jaipur, Pune. We have partnered with IHG to operate the hotels," he said.
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Bali and senior company officials were here to announce their association with the Mahindra World City SEZ for setting up the Holiday Inn Hotels at a cost of Rs 80 crore.
After exchanging documents with Mahindra World City Chief Operating Officer Sangeetha Prasad and IHG South West Asia COO Chris Molony, Navneet Bali said the hotel spread across 1.8 acre in the SEZ would have about 140 rooms.
He said the construction would begin in December 2011 and it would be operational by 2013.
On their association with Duet India Hotels and with IHG, Sangeetha said, "we will be celebrating our 10th year in September 2011. Today we are enhancing the social infrastructure of the park [through this association]."
According to her, there are seven multi-nationals currently operational in the SEZ and the hotel would not only cater to the occupants but also to those travelling through the NH-45.
Later responding to a query, Bali said the cost of rooms in the Holiday Inn Express would be around Rs 3,500 per day in Chennai hotel while it would be around Rs 5,000-Rs 5,500 for those hotels present in Delhi.
He said they would expect to break-even in the next two-years.
In 2009, Duet India Hotels opened the 114 room Four Points by Sheraton Jaipur and early this year it opened the Four-Points by Sheraton in Pune, he said.