Anand & Madhura Katti, Mumbai
(6th Apr 2005)
LEELA Palaces & Resorts will invest a total of US$156 million in two new properties and in the upgrading and renovations of existing properties over the next two years.
US$120 million will be spent on a 380 room, 20-storey five-star deluxe hotel on Marina beachfront in Chennai. The first phase with 260 rooms will be launched in the third quarter of 2007.
Another Leela Palace hotel with 82 rooms will open in Udaipur in autumn 2006 at a cost of US$20 million.
The group will add 120 rooms to the Leela Palace Kempinski, Bangalore in a US$4 million expansion work to be completed by mid-2006. The Leela Kempinski, Mumbai will start the second phase of renovation this year at a cost of US$12 million.
Leela Hotels have an average occupancy of 85 per cent and enjoy a high average room rate (ARR) of more than US$250.