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Taj GVK Hotels to go ahead with investments plans
The economic slowdown provides opportunity to make fresh investments in the hospitality sector and be ready with additional capacity when the turnaround happens, according to Mr G.V.K. Reddy, Chairman, Taj GVK Hotels & Resorts.
The Chennai property - Taj Mount Road - will be another major addition to our portfolio developed with investment of Rs 165 crore. This five-star deluxe hotel is ready to be commissioned shortly.
"We have acquired 6.5 acres of land in Bangalore and are in the process of finalising plans and continue to scout for land for new projects in other cities," he said.
Another property is under development in the busy Begumpet road in Hyderabad. This will be ready for commissioning in 2009.
Alongside, Taj Deccan and Taj Krishna are being expanded. Necessary approvals are awaited.
Ginger Hotels
"As a part of our alliance with Indian Hotels , we have first right of refusal for development of Ginger hotels. We are looking at about 10 properties under the Ginger brand. If a good quality hotel room is offered for say about Rs 2,000, it will get popular," he felt.
"Therefore, we are keen on at least 10 projects within two-three years. Each Ginger property will have investment of about Rs 15-20 crore," he said.
While people tend to be cautious with their investments, we are looking beyond the downturn days. When the economy is on the upswing, say 12-18 months from now, we will find demand for rooms going up significantly. By investing now, we will be able to tap that market, he said.
