Ananta Hotels & Resorts Plans Rs 450 Cr Investment

New Delhi, Mar 23 (PTI) Ananta Hotels & Resorts plans to invest up to Rs 450 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 Rs 250 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 Rs 400 crore to Rs 450 crore".

About the revenue growth target, he said, "Currently, Ananta is doing a turnover of around Rs 250 crore and our target is to almost triple it in the next five years".

Commenting on the expansion strategy of Ananta Hotels & Resorts, Goyal said the company's vision is aligned with the government's focus on unexplored destinations as Finance Minister Nirmala Sitharaman announced the development of 50 new destinations in the budget.

"India in itself is a beautiful country...People don't really need to travel abroad if we have good connectivity and good hotels coming in. Our vision is to come to these locations and make the country a good hospitality destination," Goyal added.

He also said the company is focussing on promoting contemporary wellness that is becoming prevalent in the world through its properties.