Prestige looks to more than double hotel rooms by 2023

Published on : Thursday, December 12, 2019

The real estate developer Prestige Group, which signed a partnership deal with Marriott International on Tuesday, plans to more than double rooms in its hospitality business to 3,100 over the next four years, according to its chairman, Irfan Razack.

 

Once the new hotel rooms become operational, the portfolio will contribute about Rs 1,200 crore in rental income to the Bengaluru-based Prestige Group, Razack, who is also the company’s managing director.

 

 

Once the new hotel rooms become operational, the portfolio will contribute about Rs 1,200 crore in rental income to the Bengaluru-based Prestige Group, Razack, who is also the company’s managing director. The company currently has 1,250 operational keys across different brands.

 

 

 

“There are not many industries in the world that have the resilience and optimism of the hospitality sector in India. Projected to be worth Rs 1,21,087 crore by 2023, the Indian hospitality sector today is witnessing an upward trend across mid-scale, upscale and luxury segments,” Razack said.“Renewed interest in the sector from leading global investors and steady infrastructure development in metros as well as tier II and tier III cities are driving the demand.”

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

@Economic Times

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