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Oberoi group to invest Rs. 900 cr. in new hotels

Special Correspondent

Getting into management contracts in overseas markets

NEW DELHI: The Oberoi group on Wednesday announcement it would invest about Rs. 900 crore by 2011 to develop three properties in India, besides entering into management contracts abroad.

“We are developing a lot of properties in India, some on our own while others in partnership. We are also getting into management contracts in the overseas markets,” Oberoi group Chairman P. R. S. Oberoi told reporters here at a media meet called to share the news of one of its properties, Oberoi Udaivilas in Rajasthan, having been given the top ranking by Travel + Leisure magazine .

The group is developing one property each in Mumbai, Goa and Rajgarh in Madhya Pradesh on its own. It also has partnership projects in Bangalore and Hyderabad. “The group has earmarked an investment of Rs. 900 crore for adding 1,500 rooms in India. Already, Rs. 400 crore has been invested,” Vice-Chairman S. S. Mukherjee said. At present, the group has 2,950 rooms in India and the company’s expansion programme will be completed between August next year and 2011, he added.

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