 "Indian Hotels")
Peerless Hotels, part of the Peerless General Finance & Investment Company, is planning to double the number of rooms in the next five years as part of a transformation journey.
At present, the 30-year-old hospitality company has 450 rooms across Kolkata, Hyderabad, Port Blair, Durgapur and Mukutmanipur.
The Kolkata property, Peerless Inn, has just been upgraded and relaunched as Peerless Hotel, moving up the value chain. The next task on hand is to work on the other properties and then look at expansion. The expansion could be through management contracts or acquisitions.
“First, we will concentrate on the existing properties. As we complete the consolidation plan, we will consider expanding our footprint,” said Debasree Roy Sarkar, managing director, Peerless Hotels.
She said that if there are expansion opportunities either through acquisition or management contracts, it could be considered.
“We are open to acquiring a property or a chain of hotels, but one cannot predict the timing for such. If an opportunity comes up, we will definitely evaluate,” said Supriyo Sinha, director, PGFI.
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But there is no plan to build a property from scratch.
Peerless would also look for partners so that the properties can be reached to different feeder markets.
The internal consolidation of existing properties is likely to take about two years. The upgraded 168-room Peerless Kolkata will fetch a higher ARR (average room rate). The third and fourth floors of the hotel are being launched as Club Eminence, with 32 rooms and suites.
“We embarked on a transformation journey last year and we wanted to change the complete experience of our guests. Peerless Hotel Kolkata has undergone a makeover to bring back the elegance of a bygone era seamlessly bridging the gap between the old and the new – the renovated spaces are a harmonious fusion of old-world charm and modern simplicity,” said Kuldeep Bhartee, chief executive officer, Peerless Hotels.
As part of the rebranding exercise, all city hotels will now be called Peerless Hotels.
The hospitality industry has seen a major recovery post-Covid, riding on domestic travelers.
Bhartee said that this year (FY24), the company was likely to record 29-30 per cent growth in revenues.
The current financial year is poised to be the best for the 30-year-old company in terms of revenues and profit. The previous best was in 2019-20, Debasree Roy Sarkar said.
