Amrapali Group, a prominent real estate developer based in Uttar Pradesh, is set to invest around Rs 600 crore in a variety of hotel projects by 2008. These ventures, currently at various stages of construction, span across several cities in northern India, including Bareilly, Vrindavan, Greater Noida, Udaipur, Indore, and Jaipur. The upcoming properties will feature a diverse range, encompassing everything from budget accommodations to luxurious five-star hotels.
Mr. Anil Sharma, who serves as the Chairman & Managing Director of Amrapali Group, stated, "While the group has signed management contracts for a few of its upcoming properties, negotiations are ongoing for the remaining projects." Notably, the group has already finalized a management contract with Choice Hotels for a budget property located in Greater Noida.
Two mid-segment hotels are in the pipeline: one in Vrindavan and another in Bareilly, which are set to be managed by UP Hotels Clarks Limited. Sharma also mentioned that discussions with the InterContinental Hotels Group are in progress for the Udaipur property, which is designed to be a five-star establishment situated on a prime 33-acre plot. Furthermore, similar negotiations are underway with reputable hotel brands for other budget properties planned for Indore and Jaipur. Recently, the group has also secured land in Raipur for future construction.
When queried about the timeline for the completion of these projects, Mr. Sharma emphasized that the group aims to avoid extending construction timelines beyond 28 months.