"Nashik has an enormous potential for industrial development in the next few years. Proximity to both Mumbai and Pune is its great advantage. As Mumbai and Pune have already crossed a saturation limit, there is no alternate to Nashik for the industries wanting to extend their base. Besides, abundant water, adequate electricity, skilled manpower and good climate are the salient features of Nashik. Considering this fact, the company has decided to open luxury hotel at Nashik under the brand name VITS," a company executive told Business Standard. |
"We are in the process of identifying the land in prime location of the city. This proposed luxury hotel at Nashik will have around 80 rooms and we expect to commence it in the next 12 months," the company executive said, but avoided divulging financial details.
"It's also a part of company plans to extend its new chain of luxury hotels in tier II cities under the brand name VITS, which showcases the concept of luxury business accommodation for discerning business traveler," he said.
Currently, KHIL has 32 restarunts-hotels at various locations across the country with around 2,500 rooms.
The company has so far three VITS luxury business hotels located in Mumbai, Belgaon and Aurangabad. VITS hotel in Mumbai has 200 rooms with a built-up area of 2-lakh sq ft, while VITS hotel in Belgaon has 60 rooms with a built-up area of 40,000 sqft. VITS hotel in Aurangabad has 100 rooms with a built-up area of 90,000 sq ft. The company has one five-star hotel- 'Orchid' in Mumbai with 245 rooms.
KHIL's business turn over has increased by 45.45 per cent to Rs. 160 crore during FY 2007-08, against Rs. 110 crore during FY 2006-07 and Rs. 80 crore during FY 2005-06.
The company has set the turnover target of Rs. 200 crore for the current FY 2008-09.
