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Global hotel chain Panoramic forays Indian Hospitality segment

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Panoramic Universal, an international hotel chain is all set to enter Indian hospitality sector with initial investment of Rs. 130 crores and the revealed source with the www.propertykhazana.com said that the group is under plans to develop 3 hotels initially in Jaipur and thereafter to step into the major Indian metros.
Senior Vice President of Panoramic Universal said to www.propertykhazana.coom that, “We are close at hand to purchase two hotels in Secunderabad and Ahmedabad; the cost of the purchase of each hotel is Rs. 16 Crores. Company will invest an extra Rs. 36 Crores in the partial complete Secunderabad land presently hold by the Vatsa Hotels.” Four hotels of Panoramic Universal is been working in India, 5 in US and one in New Zealand. In addition to this, company has now purchased lands to develop 2-3 star hotels at Vachoor and Munnar in Kerala and a resort in Goa. It also has plans to develop 5 star hotels at Kumarakoum in Kerala for which property acquirement is on and the total input for these 4 ventures will be about Rs. 500 Crores, he added.
As said by the source at the www.propertykhazana.com the ready to buy hotel in Ahmedabad is having 35 rooms named Hotel Platinum Inn. Company sources also said that, it is expecting to start the construction work as soon as possible. The Secunderabad project will have 90 rooms and it takes couple of years to complete. It will have 2 restaurants and bar with a theme idea. Panoramic Universal will raise Rs. 80 Crores equity during special allowance of shares or GDR issue and Rs. 30 Crores debts from domestic financial investors and left over will be inputted from internal growth. For more updates on realty market browse www.propertykhazana.com.
Source: NBTVLIVE

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