US-based hotelier Parkside Hotels and Resorts is to invest $400m in expanding its operations in India. Currently, Parkside operates the Parkside Zebra Inn and Suites brand at various locations in the country.
Parkside Zebra Hotels, a division of the group, will introduce four hotel brands as well as its resort brand. The company proposes to manage 4,000 rooms by 2013 under budget hotel brand Parkside Zebra Inn, and the four/five-star Parkside Zebra Hotel, Zebra Suites, Zebra Resort and the luxury Zebra Collection. The company has 20,800 rooms worldwide, which will increase to 52,000 in 2014 with the expansion.
Parkside has already signed management contracts with seven hotels in India, and ten others are being finalised.
The group is also in negotiations to acquire three hotels in Chennai, Coimbatore and Mumbai, and hopes to complete by the end of 2012. The addition of these properties will add 600 rooms to the chain’s portfolio.
For the first two years, the company will invest $50m in the country and will raise additional funds externally for the three hotels it proposes to own.
In 2010-11, the company reported revenues of $140m and expects to reach the $300m mark in 2011-12.
Parkside Hotels and Resorts, which has operations in 30 countries, has so far signed up half a dozen properties under the Parkside Zebra Inn and Suites brand in India. The properties are in Amritsar, Dharamshala, Jaisalmer, New Delhi and Udaipur.
As a part of its Asian expansion, the company has signed up 19 hotels across Pakistan, Bangladesh, Nepal, Sri Lanka, Dubai and Malaysia.