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Daiwik Hotels to Invest in 180 crore in five properties.

Tamil Nadu, Oct. 30 -- Kolkata-based Daiwik Hotels today announced its plan to launch five hotels in key pilgrimage centres across India with an initial investment of U80 crore in the next 30 months. "We believe there is a huge potential in this niche market and specially the mid-segment is best poised for growth.Under the phase I , we plan to build five properties in the next three years which would see an investment of around U80 crore," said Debashis Ghosal, MD and CEO, Daiwik Hotels. The five hotels will come Debashis Ghosal, MD & CEO, Daiwik Hotels Pvt. Ltd., at a press meet in Kolkata on Tuesday.

PHOTO: SUBRATA MAJUMOER up at Rameswaram (Tamil Nadu), Varanasi (Uttar Pradesh), Dwarka (Gujarat), Tirupati (Andhra Pradesh) and Katra (Jammu and Kashmir). "We are currently focus-ing on the southern market with our first pilgrim hotel undergoing soft-pilot run at Rameswaram. With an ini-tial investment of Z180 crore, these five company-owned hotels will be opera-tional in the next 30 months," he said. "Once I am done with the Phase -I plans we will start acquiring lands for pur phase-II plans where we would like to have fifteen new properties which would see an investment of around Z600 crore," Goshal added. The former promoters of multiplex company 89 Cinemas, who sold their business to INOX, earlier announced its foray into pilgrimage hospitality via Daiwik Hotels.

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Publication:India PRwire
Geographic Code:9INDI
Date:Oct 30, 2013
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