Hiranandani to set up 5 hotels in Chennai, Hyderabad, Mumbai and Bangalore

Details: Category: Industry Overview

The Mumbai based construction major Hiranandani is planning to put up 5 hotels in 2 in Chennai, one each in Hyderabad, Bangalore and Mumbai. It is in talks with international hotels for management of these hotels. In Chennai, it will put up a boutique hotel with 60 – 70 rooms at an investment of Rs. 300 million and a 350 rooms 5 star hotel with an investment of Rs. 3750 million. The boutique hotel will be completed by Oct 09. In Mumbai, it will construct a 148 room hotel near Powai and will invest around Rs.1400 million.

The company will go for phased inauguration in these hard times to help cash flow. The hotel industry has been in turbulent times following terror attacks and economic slow-down.

{backbutton}