Hyderabad-based Manjeera group of construction is planning to raise Rs 150 crore from private equities and high networth individuals (HNIs).
“We will raise around Rs 150 crore for our expansion. From this, Rs 100 crore will be used for the real estate business and the rest will be used for the hotels business,” G Yoganand, chairman of Manjeera group, said at the inauguration of its ‘Aditya Sarovar Premier’, a five-star luxury hotel here today.
The group is also planning to open a Rs 20-crore hotel in Vijayawada in 2-3 years.
“The hotel will come up as a public, private partnership (PPP) project between the state government and the Manjeera group. The land has already been allotted by the state government,” he said
Aditya Sarovar, to be managed by the Sarovar Hotels group, has a 10,000 sft banquet space and involved an investment of Rs 130 crore.
Meanwhile, the Sarovar Hotels group would add 35 new properties to its existing 55 across the country in the coming years.
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“Currently, 30-35 properties are at the development stage," said Ajay K Bakaya, executive director, Sarovar Hotels. The hotel chain is planning to add 3,500 more rooms to its existing capacity of 4,500 rooms in the next 3-4 years.
“We expect to open one hotel every month, adding 120 rooms on average,” Bakaya said.