Pride Group of Hotels plans to invest Rs 1,000 crore to add 13 hotels in its network by 2020 as part of expansion plans across the country.
“We have planned to invest approximately Rs 1,000 crore to add 13 hotels with around 1,400 rooms taking the total to 25 hotels by the end of 2020,” Pride Group of Hotels Managing Director S P Jain told PTI.
The upcoming hotels will be under both — ownership and on management models, he added.
The hospitality chain launched a 385 room property under upscale ‘Pride Plaza Hotel’ brand recently at the Aerocity here.
“We have 12 hotels operational as of now ,including the one launched at Aerocity, totaling 1,600 rooms,” Jain said.
When asked how the company was planning to raise finances for the expansion, Jain said: “We are raising funds from internal accrual and term loan from the bank. We also have plans for an IPO in next 2-3 years.”
The company has all its hotels under three brands — Pride Plaza Hotel, Pride Hotel and Resort and Pride Biznotel.
“While the hotels at New Delhi, Kolkata and Mumbai are under the Pride Plaza Hotel brand, the Pune, Nagpur, Chennai, Bangalore, Goa, Jaipur and Dharamshala properties are under Pride Hotel and Resort brand. Vadodara, Bangalore, Nasik and Indore hotels are under the Pride Biznotel brand,” he added.
On the first phase of expansion, Jain said: “By the end of 2016 we are looking at expanding the Pride Plaza brand to Ahmedabad and Kolkata.”
Pride Hotels are have been already set up in cities such as Pune, Nagpur, Ahmedabad, Bangalore, Chennai, Kolkata, Delhi, Goa, Dharamshala, Jaipur and Vadodara.