Leela Palaces and Resorts is planning to invest over Rs 1,000 crore in the next four years to develop new properties and increase room availability. It has also extended the management alliance with Kempinski Hotels in India for the future projects."Over the next four years, new properties will be developed in Delhi, Udaipur, Hyderabad and Pune, and there will also be renovation of our existing properties in Mumbai and Bangalore. The overall investment for the purpose will be over Rs 1,000 crore," Peter J Leitgeb, president of Leela Palaces and Resorts, said today.He said funding the investments would be through a mix of internal accruals and foreign currency convertible bonds. "Although the funds are more or less tied up, finer details are being worked out," he said."When the expansion programme is completed, our total number of available rooms will go up to about 2500 from the current 1,006," he added.On the tie-up with Kempinski, Leitgeb said: "It is a marketing and reservation agreement, but the operating licence will be with the Leela group."As per the agreement, the properties to be developed in future will be branded as Leela Kempinski.
