GRT Hotels & Resorts has decided to invest Rs 900 crore to open nine new hotels in the south by 2025.
The Chennai-headquartered company currently operates 16 hotels for business and leisure travellers in South India.
It recently opened its 16th hotel, the Radisson Bengaluru City Center, a boutique lifestyle hotel offering 90 rooms, with an investment of Rs 80 crore.
Vikram Cotah, Chief Operating Officer, GRT Hotels & Resorts, said, “We want to grow our footprint in Karnataka, Andhra Pradesh and Kerala, as most of our hotels are in Tamil Nadu. We plan to invest Rs 900 crore to take our hotel count to 25 by 2025.”
He added: “Most of the Rs 900 crore will come from internal accruals and 25 per cent from debt. Ours is an asset-heavy business because our board has mandated us to buy land and build our own hotels.”
Image Credit : grthotels.com