Lalit Suri hotel chain draws up $500-mn expansion plan

The Lalit Suri Hospitality Group is looking to invest Rs2,200-crore (nearly $500 million) towards expansion. It aims to actively participate in public-private-partnership projects to promote tourism in the country.

The group, operating luxury hotels under the brand name The Lalit, will invest Rs1,200-crore on expanding properties in the the premium segment. It is coming up with hotels in Kolkata, Jaipur, Chandigarh, Ahmedabad, Noida, Amritsar and Dehradun over the next two years. The properties in Chandigarh and Jaipur are almost ready. These will be operational by early next year.

The group, which represented InterContinental Group of hotels before rebranding itself in 2008, plans to double the number of rooms in luxury segment to 3,600 by 2012 from the present 2,000. It is also looking at opportunities in the mid segment and has planned 25 hotels with an investment of Rs800-crore.

The group will fund the expansion through a mix of internal accruals and debt.