Ananta Hotels to invest Rs 450-cr investment

New Delhi: Ananta Hotels & Resorts plans to invest up to Rs450 crore to develop company-owned properties as part of its overall expansion strategy to have 50 hotels and resorts over the next five years, a top company official has said.

The company, which had recently opened a new 144-room resort at Ajabgarh in Rajasthan, is targeting tier-II cities for expansion with an eye on tripling its revenue from Rs250 crore at present over the next five years, its Director Ashutosh Goyal told PTI. “In five years, we are planning to have around 50 properties in total. What we want to do is we don’t want to just onboard properties in cities that are already well known and well connected. We want to touch tier two cities, which are unexplored,” he said when asked about the company’s expansion plans.

Currently, the company has around 12 properties, which are a mix of self-owned, management contracts, joint ventures, leased and brand licenses. On company-owned projects, he said three projects are underway, and formalities are underway for another one in Jaipur. When asked about the planned investments for the company-owned properties, he said, “It will be around Rs400 crore to Rs450 crore”. About the revenue growth target, he said, “currently, Ananta is doing a turnover of around Rs250 crore and our target is to almost triple it in the next five years”.