According to a report by Madhumita Mookerji of DNA, Zuri Hotels & Resorts, part of the Zuri Group Global, is planning to invest Rs 600-800 crore over the next three years in expanding its presence in India. Plans are afoot to have properties in Ahmedabad, Chennai, Nagpur, Vishakhapatnam and Kolkata. The group, which is a multinational conglomerate promoted by a consortium of investors from the Middle East, is weighing options for management contract for the first time. The group was close to sourcing land in Ahmedabad and Chennai, but the plan was put on hold due to certain issues and global meltdown. In Nagpur and Vishakhapatnam, Zuri is scouting opportunities to either own-and-manage properties or sign management contracts. Priti Chand, Director, Communications, said in Kolkata that the group was looking to take over an existing property on management contract.
“A 150 key hotel with large banqueting and F&B facility is what we are looking for in Kolkata,” Chand said. The total investment is slated to be financed through 70 per cent debt and rest would be equity. “If we need over Rs 800 crore, we may go in for private equity funding or an initial public offer,” Chand said. Zuri Group currently owns and manages four properties in India in the five-star deluxe segment. The group has a hotel each in Kenya and the UK and is currently constructing another five-star luxury property in Nairobi. Chand said currently there are around 900 keys under Zuri Hotels & Resorts and another 600-700 more keys will be added over the next three years.
Source : Hospitalitybizindia
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