Rajasthan News

HRH Group Of Hotels Plans For Expansion

by RajasthanDirect
May 27, 2013

HRH Group of Hotels, which runs chain of heritage hotel in Udaipur, is looking for foreign funds for expansion.

The group plans to invest the funds raised to enlarge existing hotels, leasing hotel units or vacant lands from other member companies and acquiring fresh properties, Financial Chronical stated.

The company plans to to open at least two new art galleries in the next financial year such as sculpture, costumes and invest R250 Cr to upkeep of its heritage properties which will be funded through internal accruals.

Founded in 1559, Historic Resort Hotels (HRH) is chain of heritage palace-hotels and resorts under private ownership. It is preserving palaces and sanctuary – resorts. The group offers regal experiences in island-palaces, museums, galleries, car collections, and much more.

Shiv Niwas Palace and Fateh Prakash Palace in Udaipur and Gajner Palace, Gajner are classified Grand Heritage Palaces. Shikarbadi Hotel and Garden Hotel in Udaipur, The Aodhi in Kumbhalgarh, Fateh Bagh in Ranakpur, Gorbandh Palace in Jaisalmer and Karni Bhawan Palace in Bikaner are ‘Royal Retreats’ of the group.

Currently, the group operates 10 properties, including hotels and resorts with around 600 rooms across the states.

In this segment, Tata Group’s hotel arm, Indian Hotels was planning to hive off its international operations into a new company and to raise funds by selling 49% stake to foreign investor. Last December, DLF signed an agreement to sell luxury resort chain Amanresorts for $300 Mn to the founder and chairman – Adrian Zecha.

Mahindra Holidays & Resorts India Limited, after buying a luxury resort Holiday On Hill in Shimla, acquired 49% stake in ‘Mac Boutique Suites’, a resort in Bangkok.

src: http://www.dealcurry.com/20130527-HRH-Group-Of-Hotels-Plans-To-Raise-Funds-For-Expansion.htm

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