EIH's Bangalore, Goa properties to start by 2015
Posted on Aug 06 2014 | IANS
Kolkata, Aug 6 : Hospitality major EIH Ltd which runs the Oberoi and Trident brands of hotels, Wednesday said the construction of its Rs.1,000 crore twin properties in Goa and Bangalore will begin by 2015.
Executive Chairman PRS Oberoi also said talks were at an advanced stage about its projects in China and Thailand.
"The process for environment clearance for the Goa and Bangalore properties is almost complete and their construction is expected to start by early 2015. The total investment of the projects is Rs.1,000 crore, of which Rs.400 crore will be raised through equity and rest through borrowing," Oberoi told mediapersons here.
"The (one) million square feet project in Bangalore comprises of a 250 keys hotel and 65 apartments and villas, while the Goa project is a 80 keys hotel," said Oberoi.
The company, which has been focusing largely on managing than acquiring hotel assets, said it was looking for projects in Southeast Asia and talks are in advanced stages about managing properties in China and Thailand.
"While talks have been at an advanced stage about our upcoming projects in China and Thailand, but the military coup in Thailand has somewhat caused a delay. We are waiting for a democratic government," said Oberoi.
Talking about international projects, Oberoi said the construction of its beach resort in UAE's Ajman and luxury hotel in Marrakech in Morocco were underway while plans were afoot for another hotel in Casablanca in the African nation.