Ahmedabad-based Bhagwati Banquets & Hotels to invest Rs 300 crore for hospitality projects

Ahmedabad-based Bhagwati Banquets & Hotels Ltd plans to set up properties in Vadodara, Nagpur, Pune, Hyderabad, Indore, Nadiad, Mumbai and Bengaluru. While most of the new properties will be under management contracts on revenue sharing basis, the company plans to invest Rs 300 crore for its own properties. According to a report in Business Standard, Narendra Somani, Chairman and Managing Director, Bhagwati Banquets and Hotels Ltd said, "We are going on an expansion mode by planning more properties in cities like Nagpur, Hyderabad, Vadodara and Pune among others. Of these, properties in Nagpur, Pune and Vadodara will be developed by Bhagwati Banquets and Hotels at an investment of Rs 300 crore. While we have unveiled our latest five-star hotel property in Surat, investment on the properties will be made only by financial year 2011-12." The Surat TGB hotel has been built on an area of six lakh sq ft. The company has invested Rs 200 crore on the Surat property, which will be operational from July 2010. TGB Surat has 162 deluxe rooms and eight suites. Talking about the property, Somani said, "Surat being the diamond and textile hub of India has huge in flow of business and leisure tourists from across the world. With the launch of TGB Surat we wish to give guests impart an exhilarating experience with unmatched comfort to our guests." Somani said, "While in most hotels, 75 per cent of revenue is generated through rooms and 25 per cent through F&B, it is just reverse for us. We get close to 75 per cent revenue from food business," said Somani. The company expects a turnover of Rs 150 crore for the fiscal 2010-11. http://www.travelbizmonitor.com/ahmedabadbased-bhagwati-banquets--hotels-to-invest-rs-300-crore-for-hospitality-projects-10575