Pride Group of Hotels will invest over Rs 600 crore over the next 2-3 years to strengthen its portfolio through greenfield projects and acquisitions, a top company official reportedly said. The investments will include a new project in Goa, acquisition of a hotel in Mumbai, and addition of inventory to its existing property in Nagpur. “When we started off in the 1980s, we grew by greenfield projects and by acquiring existing properties and renovating them to our specs. In the past five years, we went into management model for faster growth and have built a portfolio of 12 operational hotels,” said SP Jain, Managing Director, Pride Group of Hotels. The company has all its hotels under three brands —Pride Plaza (5-star), Pride Hotel and Resort (4-star) and Pride Biznotel (3-star). Jain said the company has already acquired a land parcel in Goa to build a luxury property with an investment of about Rs 225-250 crore. This will be the group’s second property in Goa. The hotel firm is also adding additional inventory of 72 rooms to its existing property in Nagpur for about Rs 60 crore. “In Mumbai, we want to have a presence near the airport as the area is getting well connected. Since greenfield projects take a long time, mainly on account of approvals, we are looking to acquire an existing asset in the four or five-star category with an investment of about Rs 300 crore,” said Jain. Over the next three years, the company will also be opening three properties under management contract in Bengaluru, Nashik and Indore. Jain said the investments for expansion will be funded through a mix of debt and equity. The company also …
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