Fresh after winning the award for the best hotel in the world from Travel and Leisure magazine, Oberoi Hotels and Resorts is moving ahead with plans of doubling the group's room capacity to over 6,000 in the next five years.
“The Oberoi in Gurgaon will open later this year or early next year. This will have 200 rooms. The Oberoi in Dubai will also open around the same time. Also in the next 18 months, two hotels would come up in Hyderabad,” said Mr P.R.S. Oberoi, Chairman, EIH Ltd, at a press conference here. The two properties in Hyderabad will be developed with partner Jubilee Hotels and Oberoi Group's share of investment will be Rs 44 crore. The total cost of the project is around Rs 650 crore.
New hotel in Morocco
Oberoi Hotels and Resorts is also building a brand new hotel in Marrakesh, Morocco with a total cost of Rs 300 crore out of which the group's investment is Rs 24 crore.
Other projects include a property under the Trident brand in Dehradun and another resort hotel coming up near Chandigarh. Mr Oberoi said the group also has a palace in Madhya Pradesh which it wants to develop but lack of availability of water in the area is hampering development of that property.
The group overall will invest Rs 100 crore on renovation of properties this year. Meanwhile, Mr Oberoi categorically stated that the promoters of EIH Ltd are not looking to sell their stake in the company as of now. “We are not planning any stake sale as of now. But I cannot stop anybody from buying shares in the company from the market,” he said.