Real estate and hospitality major Royal Palms India will invest two thousand four hundred crore rupees in the coming two years for setting up four- and five-star hotels in big cities in the country. The company is planning to build four luxury hotels in Mumbai.
Royal Palms India Joint Managing Director Dilawar Nensey said that”The company is setting up four luxury hotels in Mumbai itself, out of which one is a three-star, one four star and two five-star hotels. This will increase the total room capacity to three thousand by 2010, which will be around 30% of the total rooms available in the city”.
Royal Palms already has 2 hotels in Mumbai, and 3 each in Hyderabad and Kolkata. Right now, the company has a total of about four hundred rooms in Mumbai. “The investment for Mumbai will be one of the uppermost as it excludes the price required for land. We plan to set up hotels on our own land at Goregaon East,” Nensey said. The addition of rooms will provide to the existing lack of around three thousand rooms per day in Mumbai.
The company is in the process of identifying properties in Hyderabad and Kolkata for setting up luxury hotels. Royal Palms will invest around one thousand four hundred crore rupees to build three- and five-star hotels in these cities.
The company intends to develop one three-star, one four-star and one five-star hotel each in Hyderabad and Kolkata, with a total room capacity of around one thousand.