Hotel Leelaventures Ltd is planning to foray into Maldives and Mauritius through management contracts in FY12, even as it readies to launch a brand in the mid-market segment in India, a top official told reporters on Thursday.
The Mumbai-based company, which owns and operates five-star hotels across India, has received requests for managing hotels in Maldives and Mauritius, its President Rajiv Kaul said on the sidelines of the `Hotel Investment Conference South Asia'.
"We have been very successful with our management contracts at our Gurgaon property. So that is something we would like to grow further," Kaul said.
"We are hoping to have something announced this year." Hotel Leela, which is present predominantly in the luxury space, adding one hotel each in New Delhi and Chennai this fiscal.
"We have 1,800 keys now, which will go up to about 2,400 by the end of the year (fiscal)... Leela is adding more luxury rooms than any other player," he said.
The company has received requests for a second brand, the only one being Leela now, and was "seriously" considering it.
"It (the other brand) would have to be in the mid-market segment, because of the opportunities there. By the end of this financial year, we hope to make an announcement about this".
On Wednesday, a top official of Indian Hotels Co Ltd said it plans to introduce a new hotel brand in the mid-scale segment and consolidate its foreign assets under one holding company.
Kaul also said the company was expecting average room rates to rise 10-18 percent in FY12 and occupancy levels up to 76 percent this fiscal from 72 percent a year ago.
Manav Thadani, chairman of HVS India, a hospitality consultancy, said there are about 60,000 rooms in India at different stages of construction and development in the branded segment to be opened latest by 2015.
The country requires an investment of $10.3 billion to fund this hotel pipeline, he added.
Shares of Hotel Leelaventures closed up 4.56 percent at 42.40 rupees in a muted Mumbai market.