New Delhi: Adamo Hospitality on Wednesday said it is looking to invest Rs 800 crore to set up 10 wholly owned hotels in next five years as part of its expansion plans in the country.
"We plan to invest Rs 800 crore to set up 10 hotels in the four star category in next five years. All the hotels will be wholly owned and managed by us," Adamo Hospitality Director Harsh Ajmera told PTI.
This will add around 650 new rooms to our already existing room strength of 240, he added.
When asked how the company plans to raise funds for setting up the new properties, Ajmera said: "The money will be raised through internal accruals by the group."
Adamo hospitality is a part of the business conglomerate Ajmera Group of companies with presence in sectors such as construction, finance, pharmaceuticals, hospitality and investment market services.
"In the first phase of expansion, we are mainly looking at Western and Northern parts of India," Ajmera said adding "the company will be opening a new hotel in Lokhandwala in Mumbai in November this year."
Next in pipeline are another hotel in Mumbai and one in Panchgani, he added.
"For the second phase of expansion, we may also look for managing hotel properties for others," Ajmera said.
The company currently has four operational properties at Goa, Matheran (Maharashtra) and Nathdwara (Rajasthan) with a strength of 240 rooms.