City-based Residency group of hotels is on an expansion-cum-modernisation-cum-new brand identity spree with new properties planned in Mysuru, Madurai and Puducherry and modernising its Residency Towers here, said a top company official.
The group is also looking at suitable acquisition while completing its rebranding exercise with the theme 'Hospitality with Heart'.
"We will be building a 100 room hotel in Mysuru at an outlay of Rs.50 crore. In Madurai we will be building a 125 room hotel with a convention centre at an outlay of Rs.100 crore," Ravi Appasamy, managing director, Appaswamy Real Estates Ltd told reporters here late Friday.
The Rs.750 crore revenue Appasamy Real Estates owns the Residency chain of hotels.
According to him, the company's second hotel in Puducherry with 71 rooms is expected to be commissioned next year while the renovation work at its four star Residency Towers property is also expected to be over soon.
Currently Residency group of hotels comprise of five properties - two in Chennai, one each in Coimbatore, Puducherry and Karur - with a total capacity of 500 rooms.
