Toshali to Invest Rs.250 Crore

Gurgaon, Haryana India (PressExposure) December 16, 2011 -- "We are looking at developing our hotels in Bhubaneswar, Ranikhet in Uttarakhand, and in Shillong," T Banamber Patra, MD, Toshali Resorts International, told T3. This will increase the number of inventory from the existing 220 to 500, he added.

Giving more details on the upcoming property, Patra said that the group is going to start construction of its third hotel in Orissa."We already have two acres and we are developing a 126-room, 4 star property here. We are constructing 10 rooms in the first phase on an investment of Rs.35 crore, which will be operational by December 2012. The remaining rooms will be constructed during the second phase and the hotel will be fully operational by December 2014,"he said, adding that the group already has 3.5 acres of land in Ooty and 4.5 acres of land in Kodaikanal.

Toshali is also planning to construct a hotel in Ranikhet where it has three acres of land."We are planning to invest Rs.250 crore on our expansion by 2016,"he revealed. Apart from these, the group is also working on a joint venture to set up a 4 star hotel in Shillong. Moreover, it is also looking at acquiring some of the properties of Orissa Tourism development Corporation, he informed. Toshali has already invested around rs.100 crore in its four properties-two in Orissa, one each in Himachal Pradesh and Goa.

The group recently acquired a 28 room Gaon Village Beach resort in Goa for an all cash deal."We have completely renovated the Goa property and added an additional bar, swimming pool and gym. The ARR for this hotel is Rs.4,000-4,500,"he added. "We expect 80-85 percent occupancy for our Goa resort," he said. The other three properties are witnessing occupancy of 50-55 percent.

Toshali is driving its sales through its own dedicated sales team and has also tied up with agents in Germany, UK, Russia and is looking forward to penetrate other overseas markets."We are getting 15 percent of our business from overseas markets and remaining from the domestic market," he revealed.

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Press Release Submitted On: December 16, 2011 at 1:31 am
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