Mumbai, Sept 6: Espire Hospitality Group has lined up an investment of Rs 550 crore to expand as well as upgrade its business in the next four years and plans to add 20 hotels and over 700 rooms by December 2023, a top company official has said.
For expansion the company has outlined a capex of Rs 550 crore for the next four years, which includes the 20 hotel target by December 2023, with over 700 rooms, Espire Hospitality Group’s Chief Operating Officer Akhil Arora told PTI.
According to Arora, the funds will also be utilised in phases for renovating, leasing and upgrading the existing hotels.
Currently, Espire Hospitality Group has 318 rooms under all its brands.
Espire Hospitality currently has six operational hotels spread across Bhimtal and Jim Corbett in Uttarakhand, Amritsar in Punjab and a newly opened resort ‘ZANA Lake Resort, Udaipur’ under our maiden brand ‘ZANA – Luxury Escapes’.
“We have partnered with Six Senses for our luxurious resort ‘Six Senses Fort Barwara’ in Ranthambore, Rajasthan. We have another property in Goa under the Country Inn brand near the Varca Beach that will become operational in another three weeks,” Arora said.
Of the six, the company owns one property in Bhimtal and one in Jim Corbett while other properties are in Ranthambore, Jim Corbett and Goa are under long-term lease agreement, and the one in Amritsar is operating on franchise model, he added.
“The company is planning to add another 14 hotels to its portfolio by December 2023, which includes one in Mathura, one in Dehradun, one in Dharamshala, one in Mussoorie, one in Bhavnagar and one in Raipur. For the remaining eight properties, we are expanding four in north India, two in Goa and two in Coorg and Cochin,” he added. “The funds will be raised through internal accrual and 15 per cent will be through bank loans,” he added.
Arora further said that going forward the company is planning to launch two sub-brands of Country Inn – Country Inn Express and Country Inn Premier.
“We are planning The Country Inn Express in the budget friendly category where the cost of a room will be about Rs 3,000-4,000 per night, while Country Inn Premier will be in the upscale resort category costing Rs 8,000-10,000 per night,” he added. (PTI)
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