Newstrack

Muthoot to have 40 properties in next 10 yrs

Dinkar Farwaha - Cochin

Kerala-based hospitality chain, Muthoot Leisure & Hospitality, a subsidiary of The Muthoot Group, is looking at having 40 premium and budget properties in the next ten years under its umbrella. George M George, executive director of The Muthoot Group, reveals, "We are looking at aggressive expansion in both ownership and management models. We plan to own eight premium properties in the next few years across the country. We will also be launching a budget brand soon, under which we plan to operate 32 hotels, under the ownership and management models."

The group is primarily looking at expanding in the southern states of Tamil Nadu, Andhra Pradesh and Karnataka besides entering cities in Kerala where it does not have any presence at the moment. It will later venture into northern and western India. On being asked about the total investment the company is looking at for its future plans, George refused to divulge any details.

The company is currently in the process of developing a 250-room five-star business hotel in Kochi (Kerala) and a premium beach resort in Mararikulam (Kerala) with an investment of Rs 290 crore. It already owns three properties in Kerala - Muthoot Plaza in Thiruvananthapuram, Taj Green Cove in Kovalam and Muthoot Cardamom County in Thekkady - and luxury houseboats in the backwaters of Kumarakom (Kerala) called Muthoot River Escapes.