 "Hampshire Hotels, partner to invest $2.5 billion in 20 hotels in Asia")
Indian-American hotelier Sant Chatwal-led Hampshire Hotels Management and its partner Castlewood Group plan to jointly set up 20 new luxury hotels across Asia in the next 10 years at an estimated investment of $2.5 billion.
The partnership will open the first property under the Dream Hotels brand of Hampshire Hotels Management at Phuket in Thailand next month.
Apart from Thailand and Indonesia, the partnership is looking at setting up three properties to tap the 'virgin' lifestyle luxury hotel segment in India.
"We have a strategic partnership with the Castlewood Group to grow our brands in Asia. Together, we will open 20 new properties in the next 10 years," Hampshire Hotels Management LLC Chairman Sant Chatwal told PTI here.
He said these properties could be under the Dream Hotels or any other hospitality brand of Hampshire Hotels Management.
The company oversees development and expansion of its luxury and lifestyle brands, including Augustus Hotels & Resorts, Time Hotels, Dream Hotels, Unscripted Hotels and Night Hotels.
More From This Section
Asked about the investments required for setting up the new properties, Chatwal said: "It's difficult to put an exact number as it will vary from property to property, but it could be around $2.5 billion."
The investment will be shared by Hampshire and the Singapore-based Castlewood Group, a leading commercial real-estate development company, depending on the requirement of each property.
Commenting on plans for expanding in India, Chatwal said: "We are looking at one property each in Goa and Mumbai, and possibly a third one in Jaipur where we already own the land. All will be under the Dream Hotels brand."
He said the company's strategy will be to bring in lifestyle luxury segment in India, in which revenue from food and beverages will be a very significant revenue contributor, besides room charges.
Bullish on the Indian hospitality industry, Chatwal said: "Everybody would like to see India and I am 100 per cent sure that the Indian hospitality industry will grow much higher. It's a matter of time."