IMRS Hospitality Private Limited will spend approximately Rs 100 crore as a part of its expansion strategy to consolidate its position in the eastern region.
The company will set up five 'boutique hotels' in the eastern region, with 40 rooms, offering facilities equivalent to a four star hotel.
Arindam Chokroborty, director of IMRS said, "We are looking at coming up with boutique hotels with 40 rooms in the eastern region with similar facilities that match the four star hotels. We have already started acquiring land in Rajarhat."
The projects have been lined up for West Bengal, Jharkhand and Orissa and the approximate investment incurred will be around Rs 20- Rs 25 crore each, and is expected to be operational by the second quarter of 2009-10.
The company is also looking at a tie up with an European company, for which a memorandum of understanding (MOU) will be inked soon.
The MoU is is expected to provide technological assistance and will be an investor for the projects.
With prices coming down in the real estate sector, the company is also mulling at establishing another boutique hotel in Bangalore, in the offing.
The company is looking at a turnover of Rs 240 crore, up from Rs 200 crore now, with the hospitality business contributing Rs 30 crore.
