[India Property, Real Estate India] Hyatt plans 30 new hotels in 5 yrs

[Noida Property 7]

Global hospitality company, Hyatt Hotels Corporation, is planning to open 30 new Hyatt hotels in 15 cities in India in the next three to five years.

The Chicago-headquartered hotel chain is looking at tier II and III cities for expansion. “All our new Hyatt hotels are planned in cities such as Bangalore, Hyderabad, Gurgaon, Visakhapatnam, Mysore, Indore, Mundra (Gujarat), among others, over the next three to five years,” said Ratnesh Verma, head of real estate and development for Hyatt Hotels, Asia Pacific.

He said Hyatt Hotels Corporation would manage and operate these hotels for the Indian investors and partners who are required to deliver properties consistent with the Hyatt brand.

On Monday, the hotel chain opened a 222-room five-star deluxe Hyatt Regency in Pune set up at an investment of Rs 430 crore. Its 84 serviced apartments will be ready by mid-2011. “In the nine months till September, five-star hotels in Pune posted 62 per cent occupancy rates and we expect this to continue,” Gadi Hassin, general manager of Hyatt Regency Pune, said.

“We hope to break even in seven-eight years,” said Adarsh Jatia, managing director of Ascent Hotels, a 74:26 joint venture between Jatia family and Pune-based Vascon Engineers, a real estate firm. The Jatia family owns the Hyatt Regency in Delhi and Four Season Hotel in Mumbai.

Verma said at present the six Hyatt properties — Mumbai (two), Delhi, Goa, Kolkata and Pune — had a total of 2,500 rooms. “The rooms will be scaled up to over 10,000 when the new hotels are ready. The hospitality market in India is growing and we want to fill the shortage of rooms in cities and towns,” Verma said.


http://www.mydigitalfc.com/news/hyatt-plans-30-new-hotels-5-yrs-802

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Posted By Noida Property 7 to India Property, Real Estate India at 11/02/2010 04:53:00 PM