The Pride Hotels today announced its plan for an IPO in the first quarter of 2008 and also the receipt of an investment from Kotak India Real Estate Funds towards its Rs 340 crore expansion-cum-renovation plan.
According to a release here, the group, with hotels in Pune, Nagpur, Ahmedabad and Chennai, would utilise the funds for setting up new hotels in Mumbai, Goa, Bangalore and Alibaug.
Pride Group Chairman SP Jain said in the release, ''with this key investment from the Kotak Realty fund and Mauritius-based primary fund, we are now close to finalising sources of funds for the expansion plans.''
The Pride Hotel now offered a total of 430 rooms in Nagpur, Ahmedabad, Pune and Chennai, he said, adding that the capacity would be increased to 1,126 rooms in the five-star category.
Currently, the Hotel had 11 food outlets, which included restaurants, coffee shop, bars, 19 banquet halls and conference rooms.
Pride hotels had a growth of 77 per cent on total earnings in 2006-2007 compared to the 48 per cent in 2005-06, the release added.
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