Oberoi Plans Hotels In China, Dubai
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EIH Ltd, the flagship company of Oberoi Group, said it plans to establish a presence in China's hospitality industry.
The firm, which is in the process of establishing a $100-million hotel in Dubai, is also examining opportunities in London and New York as part of attempts to expand its global footprint and ride the boom in travel and hospitality industry.
EIH has also earmarked Rs 1,150 crore for setting up new hotels at Goa, Mumbai, Bangalore and Rajgarh. Its expansion plan includes Oberoi brand luxury hotels in Bangalore, Goa, Gurgaon, Siem Reap (Angkor Vat) Cambodia, and the Maldive Islands, EIH Ltd chairman PRS Oberoi said.
"We plan to have 12 new hotels in India and abroad soon," he said. "Our vision is from Dubai to Tokyo... We believe it would not be a good strategy to ignore China," Oberoi said after the company's AGM on Friday. An EIH fact-finding mission would soon travel to China to finalise modalities of establishing a presence there.
"The hospitality industry is witnessing unprecedented growth. The increase in revenue and profitability of the company bears witness to exciting times ahead," he said.
Regarding its Dubai property, Oberoi said, an agreement for building the luxury hotel has been signed with a real estate company in Dubai. "This luxury hotel is part of a multi-use development and will be near the new Burj Dubai. It is expected to be in operation by early 2009."
It plans to start work on hotels in Maldives and Cambodia in 2007. The firm, he said, is also in process of establishing its second luxury cruiser in Egypt. This vessel - which will house just 30 premium cabins and four spa-suites - will set sail on the Nile in mid-2007.
EIH - which has also commissioned a study on the benefits of foraying into branded frozen foods segment - would start another flight kitchen in Kolkata, and was currently working out the investment that would be needed for this purpose.
The boom in travel industry helped EIH end the first quarter this fiscal with a 44.66% increase in net profit at Rs 24.68 crore. |
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