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Sunday, April 17, 2011

Blue Coast to invest Rs1,500 crore in three hotels

This news story first appeared in DNA Money edition on Wednesday, Apr 13, 2011.

New Delhi-based Blue Coast Hotels that owns the Park Hyatt Goa is setting up three hotels in North India.

Senior company officials said like their flagship project in Goa, the new hotels will be landmark properties and managed by different international hotel chains.

“We have already tied up with international hotel management companies to brand and operate the upcoming properties. The 500-room Delhi hotel will be managed by the Las Vegas-based MGM Mirage Hospitality under its two brands MGM Grand and Skylofts, while those coming up in Chandigarh and Amritsar will be managed by Starwood Hotels & Resorts under Sheraton brand. The hotels will open in another two to three years,” said a senior company official.

The new developments will entail an investment of Rs 1,300-1,500 crore, which will be funded through a mix of internal accruals and debt. In all, the new hotels will add over 850 guest rooms taking the company’s total inventory to over 1,100. The projects will be owned under two subsidiary companies — Golden Joy Hotel Pvt Ltd and Silver Resort Hotel India Pvt Ltd. The companies were incorporated by Blue Coast in fiscal 2010 to execute its hospitality expansion plans.

Blue Coast had introduced of India’s first Park Hyatt branded resort and spa in 2002-03. The 250-key five-star deluxe Park Hyatt Goa Resort & Spa is located at Arossim beach, Goa.

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