Hospitality company 32nd Milestone plans to invest Rs 500 crore in the next three years to set up hotels in Delhi and Goa.
About Rs 400 crore would be invested in setting up a five-star hotel in Gurgaon which would have 200 rooms.
"We are talking to international hotel chains to manage our hotel. The construction would be completed in the next three years," 32nd Milestone Managing Director Anubhav Sharma told reporters in New Delhi on Friday.
The hotel would come up at the existing recreation facility of the company in Gurgaon, which was set up in 1990.
The property would cater mostly to business travelers.
Part of the investment of Rs 300 crore would be raised as debt from banks.
The company also plans to set up four boutique hotels in Goa in the next two years. "Two hotels would be built by the end of the current year while the rest of the two hotels would be completed by next year," Sharma said.
The hotel company would invest Rs 100 crore in Goa and have a total of 100 rooms by next year. It had opened a 12-room resort in Goa recently.
Source: Express India 03/May/2008
