MRG Hospitality and Infrastructure, the Bangalore-based chain of boutique hotels, is planning to expand its footprint pan-India.
The company, which presently operates two boutique hotels in Bangalore and Mangalore under the brand name ‘Goldfinch’ and 10 restaurants, is looking to set up 10 more business hotels and two five star hotels in Bangalore and Mumbai and a luxury boutique hotel in Goa.
For the expansion of its business hotel network, the company is looking at cities like Pune, Chennai, Hyderabad, Nagpur, Indore, Kochi and Coimbatore in two phases.
In the first phase, the company may set up a five-star hotel under the brand, Goldfinch, near Nagavara Lake in Bangalore for an investment of Rs 400 crore, K Prakash Shetty, Chairman and Managing Director, MRG Group said.
“We have established our presence in Bangalore and Mangalore with a few boutique hotels and are now planning to enter the league of big hotel chains by setting up a five star hotel. We have acquired land in Bangalore and Panaji to take up the construction of five star hotels,” he told Business Standard.
“We have land banks totalling about 500 acres spread across Bangalore, Mysore and Goa,” he said.
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Shetty said the company aims to build a combined room inventory of at least 500 rooms by 2010, about four times growth over the present inventory. Of the 10 new business hotels planned to be constructed, the first three hotels will come up in Goa, Nagpur and Mysore.
The total investment for these projects have been estimated at Rs 1,900 crore, which will be raised in three phases, up to 2012, he added.
For the year-ended March 2008, MRG Hospitality reported a turnover of 60 crore and is aiming at doubling it during the present fiscal.