The Hindu Business Line : Zuri Group to invest Rs 1,200 cr in hotels, residential projects

Kolkata, Sept. 9 Zuri Group Global is planning to invest about Rs 1,200 crore for setting up five-star business hotels and luxury residential properties over the next three years, according to its Director-PR and Communication, Ms Priti Chand.

The investments would have a debt-equity ratio of 70:30, she said, adding that the company was open to raising funds through the private equity and IPO routes.

The Bangalore-headquartered company plans to open three to four hotels of 150-175 rooms each in Pune, Ahmedabad, Kolkata, Nagpur, Delhi (NCR) and Mysore entailing investment of Rs 800 crore over next three years, Ms Chand said while addressing media persons here on Tuesday.

“The hotels would be either set up and owned by us or we may take the projects up on management contracts via established or forthcoming hotels by other developers,” she said.

Zuri was also planning to start constructing this year its luxury villas and apartments in Goa, which would entail an investment of Rs 400 crore including land cost, she said. Zuri had acquired 300 acres for the project. The approvals for the project are in place and the villas are expected to be ready in 18 months from zero date, Ms Chand said.

The company was also keen on launching floriculture business in Pune soon, she pointed out.

Kenya Hotel

The group has star hotels and resorts in Bangalore, Goa and Kerala. It also has two five-star hotels in Mombasa (Kenya) and Liverpool (the UK).

The company plans to start construction soon for a hotel project in Kenya, most probably at Nairobi, at an investment of Rs 200 crore, she said. In January, it would also construction of a five-star hotel near the Bangalore airport at Devanahalli, the Director said. Zuri had acquired six acres for the project and wants to construct a mall and an office building beside the hotel at a later stage, she added.

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