The Hindu : Business : Sabari Inn’s expansion plans

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Thursday, Jan 10, 2008
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Sabari Inn’s expansion plans

Staff Correspondent

Gets ICICI Prudential PMS funding

CHENNAI: Sabari Inn Pvt. Ltd., promoter of two boutique hotels in Chennai, has received an investment of Rs. 62 crore from ICICI Prudential PMS Real Estate Securities Fund to facilitate its growth plan over the next three years.

Sabari Inn plans to expand its business with an investment of about Rs. 250 crore to build hotels in Bangalore, Pune, Coimbatore and Munnar, targeting the business segment. The company had already acquired lands in all these places. The proposed hotels will be placed in the four-star category, according to K. R. V. Ramani, Chairman and Managing Director, Sabari Inn.

Mr. Ramani said the company targeted to complete the projects over the next 24-30 months. Sabari Inn expected to offer about 750 rooms through its seven properties, including two existing hotels in Chennai, by 2011. Out of this, nearly 50 rooms would come from Munnar hotel, which would be basically a resort.

Yesh Nadkarni, Head-Real Estate Investment Management, Portfolio Management Services (PMS), ICICI Prudential, said the company was bullish on the hotel industry in India, particularly on the three and four-star categories. Cities in the southern region offered huge potential due to increased business opportunities, he said.

Mr. Nadkarni said the company was also scouting for sites in places such as Kochi, Visakhapatnam, Hyderabad, Mangalore, Mysore and Goa.

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