Parkside Hotels to Invest $400 Million in India in Next 2 Years
Friday, 20 January 2012, 22:52 IST
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Bangalore: Cashing in on the Indian market, hospitality service provider Parkside Hotels and Resorts forayed into India as it would invest USD 400 million in the next two years. Currently US-based hotelier operates Parkside Zebra Inn and suites in India at various locations. "The hospital industry is booming in India and China. We are aggressively looking for setting up offices. We plan to have around 4000 rooms (in India) by 2013. We will invest around USD 400 million," Parkside Zebra Hotels, division of Parkside Hotels and Resorts, President and CEO Himanshu Mehta told reporters here. He said the company currently has about 20,800 rooms worldwide, which would increase to about 52,000 in 2014 with their expansion plans in India. Besides they are holding talks for acquisition of three existing hotels in Chennai, Coimbatore and Mumbai. "We are hoping it would be completed by this year end", he said adding with the addition of three hotels, they would add 600 rooms. He said by 2013 end, the company would have invested Rs 100 crore in India. On the group's financials, he said the company reported revenues of USD 140 million in 2010-11 and has set a target of reaching USD 300 million in 2011-12. The company also planned to increase its headcount to 2,000 by next year, he said.
Source: PTI
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