Hampshire Plaza Hotel
With the opening of its business class hotel in the city by Chief Minister Y.S. Rajasekhara Reddy on Thursday, the US-based Hampshire Hotels and Resorts announced that it planned to open a total of 25 hotels across 21 major cities in India by 2011.
Addressing a press conference, Chairman and CEO of Hampshire Hotels and Resorts, Sant Singh Chatwal, claimed that the company would invest Rs. 5,000 crore in the next three years.
Apart from Hampshire Plaza, Hyderabad would have two more hotels - Dream (a boutique brand hotel) at Banjara Hills by 2009, and another near the upcoming international airport. The total investment on the three hotels would be around Rs.500 crore.Of the Rs. 5,000 crore proposed to be invested in India, Rs.2,000 crore had already been “committed” for 10 hotels.
Mr. Chatwal said about Rs.3,000 crore of the total investment would be raised through debt from various institutions and the rest through equity, including 50 per cent by Hampshire Hotels. Among the chain of hotels, a five-star hotel and a Dream Hotel would come up in Kochi in 2008 and 2009 respectively. Two hotels each would be established in Chennai, Delhi and Bangalore. With his company owning hotels in the US, Canada, Asia and the UK, including over 3,000 rooms in New York’s Manhattan alone, Mr. Chatwal said he was quite excited about opportunities in India.
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