New Delhi: New York-based Chatwal Hotels and Resorts is looking to expand in India with initial investments of Rs 2,000 crore and plans to operate around 100 hotels in the next 10 years in partnership with international hospitality major Wyndham Hotel Group.
"In the next five years, we have a definite plan to operate 52 hotels in India and invest Rs 2,000 crore for developing infrastructure. In the next 10 years, we hope to do 100 hotels here," Chairman and CEO Hampshire Hotels and Resorts Sant Singh Chatwal told.
Hampshire Hotels and Resorts is the management arm of Chatwal Hotels and Resorts.
Rs 2,000 crore will be invested by us to buy equity in some of the 52 properties planned, Sant Singh Chatwal told.
The two partners plan to open 500 properties globally in the next 10 years, he said. Commenting on India plans, Chatwal said, "In the next five years, we will operate 40 hotels under 'Night' brand and 12 properties under 'Dream' brand. Deals for 18 hotels have already been signed up with various developers."
The company already operates a 'Dream' hotel at Kochi. While Chatwal Hotels & Resorts will manage the planned number of properties, Wyndham will provide sales and marketing support.
"The Rs 2,000 crore will be invested by us to buy equity in some of the 52 properties planned," Chatwal said.
Already, the company has picked up 26-49 per cent stake in four properties.
"We have already invested Rs 1,000 crore in India and the funds for future investment would be raised through internal accrual and from our partners in the US," he added.
While 'Dream' is a full service luxury hotel brand, 'Night' is a mid-segment boutique hotel in the lifestyle segment.
Already locations such as Delhi, Jaipur, Goa, Pune, Kolkata, Bangalore, Hyderabad, Ahmedabad, Chennai and Raipur have been finalised.
Besides expanding the Dream and Night brands here, the company is also open to launching its seven-star luxury brand 'The Chatwal' in India. It currently operates only one such hotel in New York.
"We plan to take 'The Chatwal' brand to India and to a few other places in the world. It will eventually come to India either in Delhi or Mumbai," Vikram Chatwal, Founder of Vikram Chatwal Hotels, a division of Hampshire Hotels and
When asked about the company's annual turnover, Sant Singh Chatwal said, "The total size of our group is estimated to be $2 billion."
Chatwal Hotels and Resorts owns and manages 15 hotels in New York, Florida, London, India and Bangkok.