Omaxe To Invest Rs 6200 Cr To Build 19 Hotels In 5 States
Economic Times
Realty firm Omaxe on Monday said it will invest Rs 6,200 crore over the next five years to develop 19 hotels across five states as part of its expansion plan.
In a regulatory filing, the company announced its dedicated hospitality business vertical.The company plans to develop 19 hotels spread over nearly 5 million sq ft across five states in the next 4-5 years, it said.The company proposes to invest about Rs 6,200 crore over the next 4-5 years, the filing said.Omaxe will rope in hospitality chains to manage these hotels.These hospitality projects will be constructed across high-growth urban centres, pilgrimage destinations, and transit corridors.These hotels will be integrated with Omaxe's existing ecosystem of townships, mixed-use developments, commercial destinations and urban infrastructure projects.Of the 19 hotels, 12 will be developed in Uttar Pradesh, including two each in Ayodhya and Vrindavan, and three in Lucknow.Among the key projects, Omaxe will develop a 158-key 'Gateway Hotel by IHCL' at its project 'The Omaxe State' in Dwarka, New Delhi.Established in 1987, Omaxe Group has delivered 140.17 million sq. ft. of real estate across 31 cities in 8 states, including Punjab, Haryana, Uttar Pradesh, Madhya Pradesh, Rajasthan, Delhi, Uttarakhand, and Himachal Pradesh.Its portfolio spans residential, commercial, and integrated township projects.