Berggruen unveils budget hotels
Berggruen Hotels, a new hotel venture backed by Berggruen Holdings, is launching their new brand of boutique budget hotels, `Keys’ in India.
By PTI |
MUMBAI: Berggruen Hotels, a new hotel venture backed by Berggruen Holdings, is launching their new brand of boutique budget hotels, `Keys��� in India.
With an equity capital of $ 100 million, Berggruen Hotels will build a minimum of 38 hotels in the next five years in India. The hotel company is in active negotiation with 24 other sites and the first hotel launch is scheduled for June 2008 with an average room rate of Rs 1400-2200 depending on the location.
An associate company will also set up hotel management schools around the country to develop a resource pool.
Berggruen Hotels will operate 38 hotels (4200 rooms) distributed across tier 1, 2 and 3 cities, each with 100 to 170 rooms and a company turnover in excess of Rs 350 crores in the next 5 years.
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