India Hotels to Invest in Budget Brand
MARCH 22, 2006. Indian Hotels Company will invest Rs 1 billion ($22 million) in the next fiscal year to set up budget hotels across the country.
The firm will also bid for Indian Railways Catering and Tourism Corporation's (IRCTC) tender for operating hotels.
"We will be offering one new hotel for every six weeks in the next one year," Indian Hotels Company Ltd Managing Director and CEO Raymond Bickson told reporters, while announcing the renaming of its smart basic hotels project, earlier known as 'indiOne' to 'Ginger'.
Bickson said the investment for a hotel with 100 rooms would be about Rs 100 million, excluding land costs.
By the the end of 2006 Ginger hotels would be opened in Bhubaneswar, Pune, Mysore, Thiruvananthapuram, Durgapur and Goa. Work would also commence on hotels in Agartala, Tirupur, Pondicherry and Nasik within the next couple of months, he added.
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