IHHR to pump Rs 1360 cr in spas
IHHR Hospitality plans to build 7 new 'Ista' brand business hotels in a phased manner over the next 2-3 years.
By PTI |
NEW DELHI: IHHR Hospitality Pvt Ltd, best known for destination spa 'Ananda - In the Himalayas', plans to invest Rs 1,360 crore over the next three years to set up three more such retreats and expanding its hotels venture.
"We have plans to build seven new 'Ista' brand business hotels in a phased manner over the next 2-3 years. Moreover, new Ananda spas -- two in India and one in Maldives are also being planned," IHHR Managing Director Ashok Khanna said.
He said the group was coming up with one 'Ista' hotel each in Ahmedabad, Amritsar and Pune, for which construction has begun. Hotels in Nagpur and Coimbatore were slated for early next year and Chandigarh by September 2008.
The company has also bought land in Navi Mumbai for its seventh hotel but will wait for surrounding area to fully develop into a hub to start construction, he added. The first 'Ista' business hotel opened in May and the second one would be operational by September.
Asked about the investments, Khanna said on an average one Ista hotel could cost about Rs 130 crore, while an Ananda spa would require about Rs 150 cr.
"One 200-room Ista hotel costs around Rs 130 crore, offering premium service to business class and professionals," Khanna said.
Besides the business hotels, IHHR is planning its 'Ananda' spas in Maldives, Jaipur and Puri with an investment of Rs 150 crore on each. "We ar the process of finalising land for these locations," Khanna said.
'Ananda - in the Himalayas' is located near Rishikesh in Uttarakhand and has bagged awards from various international travel magazines.
"We have plans to build seven new 'Ista' brand business hotels in a phased manner over the next 2-3 years. Moreover, new Ananda spas -- two in India and one in Maldives are also being planned," IHHR Managing Director Ashok Khanna said.
He said the group was coming up with one 'Ista' hotel each in Ahmedabad, Amritsar and Pune, for which construction has begun. Hotels in Nagpur and Coimbatore were slated for early next year and Chandigarh by September 2008.
The company has also bought land in Navi Mumbai for its seventh hotel but will wait for surrounding area to fully develop into a hub to start construction, he added. The first 'Ista' business hotel opened in May and the second one would be operational by September.
Asked about the investments, Khanna said on an average one Ista hotel could cost about Rs 130 crore, while an Ananda spa would require about Rs 150 cr.
"One 200-room Ista hotel costs around Rs 130 crore, offering premium service to business class and professionals," Khanna said.
ADVERTISEMENT
Besides the business hotels, IHHR is planning its 'Ananda' spas in Maldives, Jaipur and Puri with an investment of Rs 150 crore on each. "We ar the process of finalising land for these locations," Khanna said.
'Ananda - in the Himalayas' is located near Rishikesh in Uttarakhand and has bagged awards from various international travel magazines.
Start a SIP with as low as ₹500 with ET Money App!
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
