Indian Hotels Company Ltd’s [Get Quote] Ginger Hotels will invest over Rs 204 crore (Rs 2.04 billion) to set up 17 budget hotels in tier-II cities in the next 12 months.
“In the next 12 months, the total number of Ginger hotels will go up to 25 from the current eight. Each 100-room Ginger hotel on an average will be set up at a cost of Rs 11-12 crore (Rs 110-120 million), excluding the land cost, which varies from city to city,” Prabhat Pani, chief executive officer, Roots Corporation, which operates the Ginger gen-next ’smart basics’ hotels chain, told PTI.
Roots Corporation is a 100 per cent subsidiary of IHCL, which also promotes the Taj Group of hotels. The investment would be financed by a mix of debt and internal accruals.
