Indian Hotels, which owns the Taj Group, is planning to develop 870 rooms this fiscal.
While 280 rooms are under the Gateway Hotels, 307 rooms are under Vivanta by Taj and 283 under the Taj brand.
With the hospitality industry still recovering from slowdown, the Taj Group has decided to engage in management contracts rather than acquiring properties and signed four new projects during the year.
Management contracts were signed for a Taj Hotel with Bangalore International Airport and three Gateway Hotels at Zirakpur, Dehradun and Wayanad, respectively.
Besides in the domestic market, there are six new hotels slated to open this year. These include two new Taj hotels at Santacruz in Mumbai and another one at Bangalore International Airport. In its Vivanta by Taj portfolio, two new hotels are expected to open by the year-end in Guwahati and Amritsar.
The Gateway brand will see new hotels at Hinjewadi in Pune and a resort in Corbett this year, while the Nashik property will add 78 keys later during the year.
The company also undertook renovation projects to upgrade properties such as Taj Exotica, Goa, and Taj Fort, Aguada.
Other renovations included the baquet hall at Taj Samudra in Colombo and the Ming Yang and Golden Dragon restaurant within the Taj Hotels in Mumbai.
Rakesh Sarna, MD & CEO, said remuneration for the year 2014-2015 is at ₹617.02 lakh.
The percentage increase in the median remuneration of employees in the financial year was 7.36 per cent.
The company’s business risks continue to remain the same as last year which includes factors such as overseas investments, heavy dependence on India on the high-end luxury segment and competition from global chains.
According to the company’s annual report, Indian Hotels has been steadily decreasing its losses over the past quarters with the standalone loss after tax for the year ended March 31 at ₹82.02 crore compared to the previous year’s loss of ₹590.49 crore.