Brigade Group to Invest in 8 Hotels by 2020
The real estate sector is abuzz with the news of Brigade Hospitality Services, part of the real estate developer Brigade Group, who have recently revealed their plans of investing over Rs. 750 crore in eight new hotels by the year 2020. These projects are expected to be set up in key locations in cities like Bangalore, Chennai, and Mysore.
The budget they have stated is exclusive of the land price, as told by the CEO & Executive Director of Brigade Hospitality Services, Vineet Verma. The finance plan for these projects is expected to be a combination of debt, internal accruals, and interested investment partners.
The group’s business model lets them own the property, but also sign management contracts with reputed hospitality chains who will run the hotel. Verma further says that they are setting up 10 Holiday Inn Express hotels, for which they have signed an MoU with their partner and global hospitality chain InterContinental Hotels Group.
Source: moneycontrol.com
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