Hospitality group Kamat Hotels (KHIL) is working on a strategic plan to set up 50 hotel properties in five-star, four-star and fort segments by 2012 at an estimated investment of Rs 500 crore, a top company official said.
"As part of our expansion plans, we plan to open 41 VITS (4-star luxury brand) properties in the next five years. We will launch the VITS hospitality in Ahmedabad, Aurangabad, Baroda, Belgaum, Chinchwad, Hubli, Kolhapur, ... and 20 more locations in the next five years," KHIL Executive Chairman and Manging Director Vithal Kamat said.
"The company will make an investment to the tune of about Rs 500 crore for its expansion plans over the next five years and the hotels will be developed under management, franchise as well as ownership models," he said while inaugurating the groups first VITS, Mumbai property at Andheri.
The new VITS hotel chain would bridge the gap existing in the market by being present in all major B and C category cities and towns in India, he said, adding that the group is looking for fresh acquisitions to market the presence of VITS across India.
Each VITS hotel would have 80-120 rooms, and would cost the chain about Rs 20 lakh per room, said Kamat.
The company's fifth 5-Star hotel is coming up at Saswad near Pune. It would become operational by the next month.
Kamat Hotels also has plans to launch heritage hotels under the brand name 'Gadh' in December. It has acquired six fort properties from earstwhile Maharaja's to set up fort hotels in Maharashtra and Goa and has formed Gadh Hotels Pvt Ltd for the said purpose.
Source: Economic Times