Khandelwal Properties looks for JV partners

Aims at having 6 hotel properties by 2011

Sanjeev Bhar - Pune

Pune-based Khandelwal Properties is looking at joint venture avenues to manage hotel and serviced apartment properties in its ongoing expansion plan. It is all set to open a new 53-room three-star boutique hotel in Pune in another three months and has plans for more properties in future in the mid categories in different locations.

Speaking to Express Hospitality, its managing director Mahesh Khandelwal said, "The growing demand of budget segment rooms has made us take an affirmative step to speed up our development plans to bring about five to six properties in different locations within the next four years." The company already has two hotels to its kitty in the budget category and wants to establish two strong brands in business and resort categories for which names have not been finalised yet.

The Pune hotel schedule to open shortly will attract a lot of business clientele and the company sees opportunity in three-star deluxe business hotels. "The company will acquire suitable land or existing properties and manage them as well as business hotels or resorts as the location demands. We are open to participation from private investors to fund our expansion plan where 100-150 room properties will be established in Goa, Kerala and some tier II cities for which negotiations are on," revealed Khandelwal.

The company also plans to enter the timeshare market and serviced apartments in future depending on land sites and feasible opportunities that come its way. It is also reviewing opportunities regarding SEZs in Mumbai and Delhi, with the company maintaining silence on the overall investment figures for the projects.