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The former promoters of Kolkata-based multiplex company 89 Cinemas, who sold their business to INOX, have now firmed up plans to enter into hospitality. In its first phase of expansion which spans over three years, the newly established Daiwik Hotels will build seven hotels, mainly in pilgrim locations.
“We have got into hospitality with a very specific agenda to cater to pilgrim locations. There are a number of pilgrim spots in India; we want to enter into these towns, take away the hassles and nightmares of pilgrims who travel there, and make it a very consumer-friendly experience,” said company director Debashis Ghosal.
The company is looking at providing full serviceability in reasonable room rents and would categorise its product between three-and-four stars. It has already firmed up plans for two locations, Rameshwaram in Tamil Nadu, and Tirupati in Andhra Pradesh, for which funding has been closed.
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It is looking at building 100-125 room properties with project cost of Rs45 crore for both. The promoters are putting in Rs16-17 crore, with the rest of the funding coming through debt. “We are ready to take off; the process has already begun and we look to start construction in the next three months, with the target of getting into full operation in 15-17 months thereafter,” Ghosal said.
Daiwik has tied up with a local management company Marg Hospitality, to run these two hotels. The other locations which it is looking at for opening properties are Varanasi; Rishikesh; Char Dham (Puri, Rameshwaram, Dwarka, and Badrinath); the Buddhist circuit; Ajmer; Amritsar; and Nasik; besides others.
It is looking at closing at least five more properties in the first phase with a total investment of Rs150-160 crore.
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