Empee Group, a Chennai-based conglomerate with interests in hospitality, liquor, sugar, power, packaging, transport, construction and export businesses, is planning to invest around Rs 700 crore to build hotels in Chennai and Bangalore over the next three years.
Empee Hotels, the hospitality arm of the 43-year-old group, is promoting its first five-star hotel in Chennai along with its foreign partner. It is also planning to create additional capacities at two other hotels at prime locations in Chennai, which are owned by the Empee Group.
Speaking to Business Standard, Nisha Purushothanam, joint managing director, Empee Group, said the company along with its foreign partner Hilton International, was building a property at Irrungatukottai near Chennai at an investment of around Rs 420 crore.
“The project is expected to be completed by mid 2009. It would employ 500 and 900 in the first and second phases respectively,” she added.
The company is also planning to launch its own brand for the upcoming hotel projects in the three-star s category. Currently, it owns two hotels – Grand Orient and New Victoria Hotel – in Chennai. It will be investing around Rs 55 crore in creating additional capacities, she said.
Similarly, a 100-room hotel is planned near Sriperumdur with an investment of around Rs 40 crore and a 200-room hotel in Bangalore at an outlay of around Rs 200 crore. Land acquisition for both the projects are completed, she said, adding, “The projects will be funded through a mix of debt and equity.”
