- Omaxe enters the hospitality business.
- Company plans 19 hotels across 13 cities in five states.
- It will invest $655 million over five years.
The company plans to develop 19 hotels across nearly 5 million square feet in five states. It will invest around $655 million over the next four to five years, according to PTI. The hospitality portfolio will include hotels and serviced apartments catering to business travel, leisure tourism, MICE and religious tourism across midscale, upscale and luxury segments.
Of the 19 hotels, 12 will come up in Uttar Pradesh, including two in Ayodhya, three in Lucknow, and one each in Prayagraj, Ghaziabad and Gorakhpur, alongside two each in Kaushambi and Vrindavan.
The company will also build hotels in New Delhi, Faridabad and Ujjain, along with four properties across Chandigarh, Amritsar and Ludhiana. In total, the projects will span 13 cities.
"Hospitality is a natural extension of our integrated development strategy,” Mohit Goel, Omaxe, managing director told PTI. “With improving connectivity, growing religious tourism and increasing travel across emerging markets, there is a clear need for quality hospitality infrastructure in these locations.”
One of the key projects is a 158-key Gateway Hotel by IHCL at The Omaxe State in Dwarka, New Delhi. The hotel is part of the company's 50.4-acre integrated destination, which is being developed in partnership with the Delhi Development Authority under a Public-Private Partnership model.
The company is also developing transit-oriented hospitality infrastructure in Uttar Pradesh through PPP projects with the Uttar Pradesh State Road Transport Corp.
Omaxe said the hospitality business could generate around $105.7 million in annual revenue once operations stabilize. The company is in talks with Indian and international hotel operators for branding and management partnerships.
Separately, Adani Airport City Ltd., a subsidiary of Adani Airport Holdings, is developing integrated airport cities across six airports in five states with an investment of over $2.32 billion in the first phase.
