Bangalore, Nov 15: Icon Hospitality, a subsidiary of Royal Orchid Hotels Limited, today announced acquisition of Hotel Royal Orchid Central for Rs 82 crore.
Announcing this to newsmen here, Company Chairman and Managing Director Chender K Baljee said the Royal Orchid Central featured 130 well appointed rooms and suites with all business amenities like wi-fi connectivity. Icon Hospitality had leased the property for over four years and decided to buy out so as to better control the product offering. The hotel had been recently renovated involving Rs 15 crore, he revealed.
Replying to questions, he said the group had nine hotels doing business now and would open five more hotels in Goa, Jaipur, Mumbai, Hyderabad and New Delhi. However, he declined to give financial details with regard to the investment.
He said the Company also proposed to have 25 hotel properties with over 2000 rooms by 2010.
He said the company had posted a revenue of Rs 125 crore during 2006-07.