Amrut Runwal Group Ventures into Hospitality with Pune Five-Star Hotel
Pune-based real estate developer, the Amrut Runwal Group, is expanding its portfolio by entering the hospitality industry. Their first venture will be a five-star property in Pune, slated to open its doors by June 2009.
"In order to diversify business operations, the Amrut Runwal Group decided to enter the hospitality industry. Since Pune is an upcoming IT hub, the demand for hotels is increasing. Hence we started our hospitality business in this city,” says Ankush Parakh, Vice President of the Amrut Runwal Group. The property will operate under the Ramada brand, a franchise owned by the Wyndham Hotel Group.
Expansion Plans
The Amrut Runwal Group's vision extends beyond this initial project. It aims to have four five-star properties across India by 2013, including the upcoming Pune establishment. The company is actively engaging in discussions with various hotel operators for management contracts, ensuring smooth operations for these future ventures.
Funding Strategy
To finance this ambitious undertaking, the group plans to leverage private equity for the Pune property. This strategic move will allow them to secure the necessary capital for development and construction while maintaining financial flexibility for future expansions.