Brigade Hospitality Services Ltd., (BHSL) a subsidiary of real estate developer Brigade Group, will be setting up World Trade Centre in Chennai and invest up to ₹700 crore for developing five properties into hotels in Karnataka, Kerala and Gujarat. “Brigade Hospitality is developing a World Trade Centre on a 12-acre property belonging to Kansai Nerolac paint company,” said P. Balaram Menon, managing director, World Trade Centre, Bengaluru-Kochi.
This would be the third World Trade Centre in the South after Bengaluru and Kochi, Mr. Menon said. The ground work would commence in June and it would take at least four years to complete it.
“Currently, our four hotels have a combined room inventory of 960. It will be more [than] doubled by 2020,” said M.R. Jaishankar, CMD, Brigade Group.
On Saturday, Mr. Jaishankar announced their maiden entry into Chennai city with the opening of Holiday Inn Chennai OMR IT Expressway. Bengaluru-based Brigade Group and Chennai-based SRP Tools had invested ₹150 crore on this 202-room property. It is also Holiday Inn’s maiden entry into the City.
Mr. Jaishankar said in the next three months, they will be opening Holiday Inn Express and Suites in Race Course Road, Bengaluru with 275 rooms. It will be followed by setting up of Holiday Inn Express at Old Madras Road, Bengaluru, near Whitefield. It will become operational in 18 months.
To attract travelling businessmen and transit passengers, Brigade Group has tied-up with Ibis to develop a hotel near Bangalore International Airport. Another hotel has been proposed at Mysore to tap customers coming to the city for heritage tourism. Both these hotels will have 150 rooms each.
“We are exploring opportunities in other States too. We are setting up a big hotel ‘Four Points by Sheraton’ at Kochi with 220 rooms. Gujarat is also on the anvil. Here, we are developing a property with 175 rooms,” he said.
“The investment in these properties would be upwards of ₹150 each, excluding land cost. It will be met partly through internal accruals and debts,” he said.
For the year ended March 2017, Brigade Hospitality recorded total income of ₹200 crore and this fiscal it aims to touch ₹275 crore.