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The Pride Hotels announced its plan of an IPO to meet its expansion plan in the first quarter of 2008. The Pride Hotels are present in Pune,
Expansion plans:
Pride Hotels announced today, that it has received a significant investment from Kotak India Real Estate Fund towards part financing of its Rs. 340 crore expansion-cum-renovation plan.
The Group aims to utilize the funds towards setting up new hotels in Mumbai, Goa,
The Pride Hotel now offers total 430 rooms in
Speaking on the occasion, Mr. S. P. Jain, Chairman of The Pride Group of Hotels said that, “With this key investment from the Kotak realty fund and
Given the growth rates in the in-bound business travel sector, Mr. Jain further added that, in India we have total 1,10,000 rooms in star category of Hotel where as the demand is more then 2,00,000 rooms as per the survey by FHRAI and Department of Tourism and clearly there is high shortage of 90,000 rooms. Therefore the Department of Tourism has offered incentive scheme for construction of 1 to 3 star Hotels.
Mr. Satyen Jain, CEO – The Pride Group of Hotels further elaborated on the Group’s future plans and said that,” While 5 Star Hotels in India are at par with global competitors, there is a near absence of internationally acceptable 3 Star and 4 Star Hotels. This gap will now be filled by the Pride Biznotel chain – moderately priced, upscale, full service, business and leisure hotels – the perfect choice for today’s value conscious traveler.”
The Pride Hotel Management team comprises of Mr. Arun Nayar – Director Operations, who has worked with Peninsula Hotel in
Sourced From: Art of Crafting Communication
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