| Grand Inter-Continental in Delhi, part of the Bharat Hotels chain
New Delhi, May 25: Bharat Hotels has stumped up around Rs 330 crore as part of its plans to open two new hotels this year and refurbish two other properties that it bought over from ITDC.
“We have invested more than Rs 20 crore to refurbish Hotel Ashok, Bangalore. As per our calculations, we will pay out Rs 15 crore as VRS to almost 350 people at the hotel,” said Lalit Suri, chairman-cum-managing director of Bharat Hotels.
The piece de resistance is the newly built five-star deluxe Inter-Continental, Grand Resort in Goa. Situated in Conacon, South Goa and spread on 85 acres, the hotel has a nine-hole international standard golf course, a health spa and water sports.
“This is one of our most beautiful and splendid hotel properties which we started building five years ago. We have spent over Rs 100 crore in building this hotel. Its a marvellous piece and we really hope to make good business from it,” said Suri.
Another five-star deluxe hotel that the group plans to open on June 15 is Hotel Inter-Continental, Grand Mumbai. Suri said that the company has invested over Rs 200 crore in constructing this 400-room hotel located in Andheri East near the Sahar international airport.
The nine-storey building boasts a magnificent architectural facade with a large atrium and indoor patio. The hotel will feature two club inter-continental floors.
The refurbished Hotel Ashok, Bangalore stands on a sprawling 10.3 acre plot. It will have 183 rooms and will compete against the best that the city has to offer. Suri said 90 rooms at Hotel Ashok, Bangalore are ready and the remaining will be completed by September-end.
The hotel will soon get a health club, newly designed lobby and a completely renovated Chinese restaurant.
Bharat Hotels got Hotel Ashok for a lease of 30 years. It paid Rs 40 crore and will pay a minimum fees of Rs 4.11 crore irrespective of loss and profit or 16.5 per cent of the turnover, whichever is higher.
As for Hotel Ashok Khajuraho situated in Madhya Pradesh, which was purchased at a price of Rs 2.21 crore, Suri plans to invest Rs 6-7 crore in refurbishing the property.
“We hope to make a 48 room five-star deluxe hotel here and will probably start our renovation by June-end,” said Suri.
Industry sources said, to ensure that Suri gets a return on his investment, he is lobbying heavily for both roads and other infrastructure in an around Khajuraho.