New Delhi: Citrus Hotels and Resorts, part of diversified conglomerate Mirah Group, on Tuesday said it plans to invest nearly Rs 500 crore to add 1,500 rooms and take its hotels strength to 18 by 2017.
"We plan to add 1,500 rooms and go to about 18 hotels in next five years and will be investing around Rs 500 crore," Citrus Hotels and Resorts Chief Operating Officer Gaurav Pallial told reporters.
Currently, the hotel chain has 475 rooms spread across eight properties.
On being asked how the hotels chain plans to raise the finances for expansion, Pallial said: "The money will be raised through internal resources and bank loans".
The company which recently launched its first property in North India in Gurgaon said it has already started work for construction of hotels at Mumbai, Jodhpur, Pench (MP) and Nagpur. Besides, it is also looking for properties at other locations.
"We are actively looking for hotels in Aurangabad, Chennai, Agra, Shimla and Chandigarh," Pallial said.
The business model for the upcoming hotels will be a mix of owned, leased and management controlled. But a majority of them will be owned by the company, he added.
The hotel chain is targeting the mid market segment and is focusing on domestic travellers to boost its business, he said adding the rooms will be priced at roughly USD 100.
Apart from opening the new properties, the company is also adding rooms to its already operating hotels.
"We are in the process of adding the room strength at our hotels at Lonavala, Sriperumbudur and Pune," he added.
Citrus Hotels and Resorts are part of Mirah group engaged in real estate development, hospitality, travels, wind energy generation, computer education and textiles among others.