Pride group of Hotels will invest Rs.1,000 Crores over expansion

Pride Group of Hotels, is in advanced stages of negotiations for setting up a series of new properties, which will see an investment of Rs 1,000 crore over the next few years.

The new properties will be opened in Mumbai, Goa, Alibaug, Delhi, Mysore, Coimbatore and Chandigarh, to name a few. The company intends to focus on the tier-II and tier-III markets for the Biznotel brand, a budget and limited business-specific brand.

The company is looking at its own internal resources to fund the expansion in addition to debt. About 50-55 per cent of the funding will be done via internal accruals.