Leisure Hotels Group eyes to open 9 properties across India by 2021-end with investment of Rs 160 cr
Leisure Hotels Group is planning to launch nine properties across India by the end of 2021, with an investment of Rs 160 crore.
Currently, the hospitality firm is operating 27 boutique properties with around 875 rooms in the country.
Vibhas Prasad, Director of Leisure Hotels Group, said, “We will be investing Rs 160 crore to add 9 properties across the country by end of 2021. Apart from this, we will also be adding 70 rooms in our existing property in Naukuchiatal during this period.”
The three upcoming properties will be managed by the group, while the rest will be owned and operated.
“The new properties will be in Greater Noida, Dehradun, Haridwar, Bhimtal, Manali, Rishikesh, Pench and Kanha among others,” Prasad stated.
The group is planning to fund the expansion with a mix of debt and internal accruals.
He added, “Our expenditure is mainly on the properties that we own and operate. We are transitioning from being an asset owning company to an 'asset right' company.”
Leisure Hotels Group at present owns 80% of the properties in its portfolio and manages the rest 20%.
"We are predominantly a domestic hotel brand and have a strong focus on domestic tourists to drive the business," Prasad said.
Leisure Hotels Group was founded in 1989. Its portfolio comprises of hotels, resorts, luxury villas and camps.