32nd Milestone to invest Rs 450 cr for hospitality business
New Delhi, May 2 (UNI) Eyeing the upcoming Commonwealth Games, 32nd Milestone today said it will set up a five star hotel in Gurgaon with an investment of Rs 400 crore.
''We plan to set up a 250-room five star hotel in Gurgaon. This will entail an investment of Rs 400 crore and the project will be completed before the Commonwealth Games,'' 32nd Executive Director Mamta Sharma told reporters here.
The project will be funded through debt and internal accruals, she added.
The company also plans to set up four boutique hotels in Goa and has already bought space. ''We will invest Rs 50 crore for our Goa hotels,'' Ms Sharma said.
The company plans to introduce one personal four bedroom villa, 'Home-Home away from home', in Goa. The villa, which will target premium category clients of the family segment, will also incorporate facilities like a private kitchen, pantry and chauffeur services. It will be operatonal by July 2008. ''We acquired the property three years ago. Now, we will pump in a good amount to make it a typical Portuguese villa,'' Ms Sharma said.
It will also set up a 22-room boutique hotel on Baga Beach, which will be operational by October 2008.
The company had opened its 12-room boutique property '360 Degree Beach Retreat' on Candolim beach in Goa in March this year. The property incorporates 'The Shack - Sunny Side Up', a hangout zone, spa, swimming pool and rooftop restaurant. The beach retreat also offers a 20-person private luxury yacht named 'Lady Inn'.
The company expects to register a turnover of Rs 25-30 crore during the current fiscal, up from last year's Rs 17 crore with these new projects.
Talking to UNI, company Vice President Prem Prakash Rajput said, ''the realty prices have been a major impediment. The government has set targets but it would be important to regulate prices.'' UNI SR MP PM1855