TajGVK Hotels and Resorts Limited (THRL), formed through an alliance between the Hyderabad-based GVK group and Tata group's Indian Hotels Company Limited, is all set to launch a new five star hotel in the city during this year.
Civil works on the project at Begumpet are progressing according to schedule and it is expected to be operational by 2011, the company stated in a press release.
THRL is doing the interiors of the 189-room hotel at a cost of Rs 94 crore, while the civil structure is being put up by the owner of the land.
The company is also planning to enter the value for money segment through the 'Ginger' brand in the state. It is setting up its first Ginger hotel near Hyderabad International Airport at Shamshabad. The company stated that the excavation work on the project had already commenced.
This apart, the company is constructing 43 service apartments, a 7,000-sft spa and additional car facilities at its existing Taj Krishna hotel premises at a cost of Rs 75 crore. Excavation works have been completed and the construction work on the car parking facility has commenced.
The company’s expansion plans include setting up a hotel at Yelahanka near Bangalore for which it had secured six acres of land.
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During the third quarter of the current financial year, the company posted a turnover of Rs 70.24 crore and a net profit of Rs 12.92 crore. The turnover increased 9 per cent and profit rose 6 per cent compared with the turnover of Rs 64.35 crore and profit of Rs 12.20 crore posted during the same period last year.
For the nine-month period ended December 2010, the company posted a turnover of Rs 190.99 crore and a net profit of Rs 30.46 crore.