Sarovar plans 50 Hometel budget hotels in 5 years
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TMCnews
[February 26, 2006]

Sarovar plans 50 Hometel budget hotels in 5 years

(Ecomonic Times, The (India) (KRT) Via Thomson Dialog NewsEdge) Feb. 26--Hotel management company Sarovar plans to open 50 Hometel budget business hotels pan-India over the next five years. The first one, Radha Hometel, was thrown open in Whitefield, Bangalore on Saturday.



Typically, the hotels, which will promise a neat and clean ambience, will call for an investment of about Rs 10/11 crore each excluding the land cost.

Sarovar will also turn into an investor soon with plans to put in Rs 200 crore towards owning some of these hotels. Sarovar has also raised $8 million private equity from two American VCs, New Bassma and New Nernon, to support its future investments.



The Bangalore property, owned by Chennai-based Fairmont Hotel, offers 102 rooms. Fairmont Hotel already owns another property in Chennai, Radha Park Inn, also operated and managed by the Sarovar group.

Fairmont Hotel MD R Srinivasan said that it plans to open another Hometel in Electronic City in the mid-term followed by a third property on Chennai's IT corridor on Old Mahabalipuram Road.

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