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Oberoi Plans Expansion, forays into Exclusive Hotel projects
The Oberoi Group, one of India’s leading hotel chains, announces its plans to invest a whopping amount over Rs 900 crore in the next few years to develop three properties in India. The Group will also stay in step with its management contracts abroad including Dubai, Abu Dhabi, Cambodia, and Maldives.
“Some of our real estate projects in India will be the product of joint ventures while we will develop some properties on our own,” said chairman P.R.S. Oberoi. The properties in Mumbai, Goa, and Rajgarh in Madhya Pradesh will solely be our projects, he adds.
An investment of Rs 900 crore has been earmarked for the development of 1,500 rooms in India. As such, the group has already parked the funds over 400 crore for the development process, says vice chairman S.S. Mukherjee.
The expansion procedure of the Oberoi Group is likely to be over in between August 2008 and 2011.
The company operates 32 hotels in five countries, has 1,690 rooms overseas. ‘The Oberoi Uday Villas’ located in the city of lakes Udaipur has been given the status of being the best available hotel in the world with an overall score of 94.38.
The group will hold minority stake in the Oberoi brand hotels to come up in Maldives, the service apartments at Hitech City, Hyderabad and Siem Reap (Angkor Vat), Cambodia.
Among its other exclusive hotel projects in India, the Group has a project to set 150-room Oberoi brand hotel next to the Trident Hilton in Gurgaon.
The Oberoi Group will enter into a partnership agreement with Rani International of the Aujan Group near the Business Bay in Burj Dubai to develop a 250-room, Oberoi brand luxury hotel with an investment of $100- million and 40 service apartments in Dubai.
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