Hospitality firm Leisure Hotels Group is looking to invest Rs 160 crore to add nine properties across the country to its portfolio by the end of 2021, a top company official has said.
The group currently operates 27 boutique properties with around 875 rooms in India.
"We will be investing Rs 160 crore to add 9 properties across the country by end of 2021. Apart from this, we will also be adding 70 rooms in our existing property in Naukuchiatal during this period," Leisure Hotels Group Director Vibhas Prasad told PTI.
Out of the upcoming properties, three will be managed by the group while it will own and operate the rest six, he added.
"The new properties will be in Greater Noida, Dehradun, Haridwar, Bhimtal, Manali, Rishikesh, Pench and Kanha among others," he said.
Asked how the group plans to fund the expansion, he said it will be a mix of debt and internal accruals.
"Our expenditure is mainly on the properties that we own and operate," Prasad said.
Regarding its business model, Prasad said: "We are transitioning from being an asset owning company to an 'asset right' company."
On being asked about the strategy for future growth, Prasad said: "We are predominantly a domestic hotel brand and have a strong focus on domestic tourists to drive the business."
Disclaimer: No Business Standard Journalist was involved in creation of this content