Ahmedabad-based hospitality player, Narayani group, will be investing around Rs 125 crore for its upcoming ‘Narayani Heights’ an ecological hotel-cum-resort in the city.
The group claims to have launched Gujarat's first ecological hotel and club recently through its division Narayani Farms and Resorts.
Spread across an area of 20,000 sq. yard, Narayani Heights is a four star eco-friendly resort with around 50 rooms.
“So far we have invested around Rs 65 crore for land. With the resort to be ready by March 2009, we expect the total investment in the project to be around Rs 125 crore. The resort is a result of a memorandum of understanding (MoU) signed between us and the Gujarat government during Vibrant Gujarat Global Investors Summit 2007,” said Anand Gupta, director of Narayani Group.
Upbeat about the demand for eco-friendly ‘green’ projects in the state, Gupta said, “Gujarat is short of 2,500-odd rooms. Moreover, there is an increasing demand for eco-friendly projects in the state. Our objective is to provide a one-stop destination for experiencing club and resort services without disturbing or damaging the eco-system.”
Once completed, Narayani Group expects the resort occupancy rate to be anywhere around 75 per cent.
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“With the consumption level of households rising and more and more people looking for better options in leisure, we expect an occupancy rate of 75 per cent once Narayani Heights commences. Depending on the demand, we also intend to raise the number of rooms from 50 to 100 by mid next year,” Gupta added.
Formerly into textiles, the group diversified into hospitality in 1993. Apart from the newly launched ‘Narayani Heights’, the group also runs a resort and a restaurant called ‘Sauce Pan’ in Ahmedabad.