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Gujarat-based Neesa Leisure Ltd, which runs a chain of hospitality properties, has announced the launch of a number of budget class hotels across India under the “Coral By Cambay” brand.
Launching the first property at Gandhinagar under the new brand, Mr N. Rajendra Raju, Group CEO, told reporters that the company would set up more hotels at Dahej (Gujarat), Abu Road (Rajasthan), Nashik (Maharashtra), Lucknow (Uttar Pradesh) and Raipur (Chhattisgarh) in the next few months. Land has already been bought at some of these places.
The Gandhinagar property is actually part of the existing Cambay Spa and Resorts whose 16 cottages, comprising 32 rooms, have been redesignated under the Coral By Cambay brand. The budget customers could, however, avail of pay-and-use facilities in the accompanying 184-room Five Star facility, he said.
The company, with a Rs 1,500-crore asset-under-management (AUM) has a turnover of Rs 100 crore at present. The Group mainly has corporate clientele, with an average occupancy of 40-45%. In all, it has eight properties of three and five star categories with 700-plus rooms.
Hospitality contributes 30-35% of the company's revenues.
Mr Raju said the company had already filed its DRHP with SEBI and is expecting to hit the capital market to raise Rs 150 crore by the end of the current financial year, subject to market conditions.
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