Royal Orchid subsidiary acquires hotel for Rs 82 cr
Icon Hospitality, a subsidiary of Bangalore-headquartered Royal Orchid Hotels, today said it has acquired Hotel Royal Orchid Central for a consideration of Rs 82 crore.
By PTI |
BANGALORE: Icon Hospitality, a subsidiary of Bangalore-headquartered Royal Orchid Hotels, today said it has acquired Hotel Royal Orchid Central for a consideration of Rs 82 crore.
Icon Hospitality had leased the property since 2003 and decided to effect a buyout so as to better control the product offering, Royal Orchid Hotels chairman and managing director Chender Baljee told reporters here.
He said the 130-room hotel had recently been refurbished at a cost of Rs 15 crore.
Royal Orchid currently operates nine hotels in Bangalore, Mysore, Pune, Jaipur and Hyderabad with a total of 800 rooms, while five projects are under development.
"We aim to have a nation-wide presence by 2010 and operate 25 properties with around 2,000 rooms," Baljee said.
Icon Hospitality had leased the property since 2003 and decided to effect a buyout so as to better control the product offering, Royal Orchid Hotels chairman and managing director Chender Baljee told reporters here.
He said the 130-room hotel had recently been refurbished at a cost of Rs 15 crore.
Royal Orchid currently operates nine hotels in Bangalore, Mysore, Pune, Jaipur and Hyderabad with a total of 800 rooms, while five projects are under development.
"We aim to have a nation-wide presence by 2010 and operate 25 properties with around 2,000 rooms," Baljee said.
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