After the launch of three international brands last year, the Taj Group is the latest to open doors of its 5th property in Chennai - The Gateway Hotel. With this latest entrant, the city now has over 28 branded hotels.
In an interview to CNBC-TV18, Rajen Shah, CIO of Angel Broking recommends Oriental Hotels and Apar Industries as multibagger stocks. Shah is bullish on these two stocks because the downside is very low and the upside is likely to be huge.
Chennai is turning into a luxury hotspot with the city seeing a surge in branded hotels and the number of rooms expected to grow by 50% next year.
ITC Group, as part of expanding its hotel business, has lined up investments of Rs 25,000 crore over the next five years, a top company official said.
The Centre's decision to allow FDI in multi-brand retail would "revive the sentiment" and bring out the "animal spirits", ITC Group Chairman Y C Deveshwar said.