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East India Hotels to go asset light, will stop owning new hotel properties

Company to invest Rs 1,000 crore in Bangalore and Goa projects; Properties in UAE and Marrakesh to start next year


 Amid increase in supply of hotel rooms and dwindling tourist inflows, East India Hotels (EIH) said it will not invest in any new hotel properties going ahead and just complete the two ongoing projects at Bangalore and Goa. Henceforth, the company said it will only take up management contract of properties. The company is investing to the tune of Rs 1,000 crore in the two projects. "So far, there are only two projects, one in Bangalore and another in Goa.

We are not going to invest totally in any other project," managing director SS Mukherjee told reporters after the annual general meeting of the company that owns or manages the Oberoi and Trident branded hotels.

source | http://www.dnaindia.com/money/report-east-india-hotels-to-go-asset-light-will-stop-owning-new-hotel-properties-2008665