JB Group to Build 20 Hotels in India

With an aim to carve out a substantial niche in Indian real estate, Hong Kong based $2 billion JB Group plans to establish around 20 hotels and shopping arcades in the country over the next three years.

The company is all set to make a handsome investment of Rs
2,000 crore to accomplish the concerned purpose. The hotels will
come up in Kolkata, Goa, Bangalore, Mumbai, and other important
Indian cities.

Of these 20 hotels, around 10-12 hotels will be
set up as three star hotels, 4-5 hotels will fall under the category
of four star hotels, and the remaining hotels will come up as
five star hotels in the country.

There are over 150 hotels projects under various stages of development,
says the international hospitality consulting firm HVS International.
A number of foreign hotel majors including Starwood, Istithmar
Hotels, Wyndham group, Hilton International, Four Seasons have
all lined up to make investments in the hotel sector in India.

India is lacking in hotel rooms and needs 150,000 rooms to cater
to the grand event of Commonwealth Games in 2010. Thus, there
is a plethora of opportunities for the Indian and international
hotel companies, says Amitabh Kant, joint secretary, tourism
ministry.

Apart from making a considerable presence in Indian hotel industry,
the JB Group also has plans to step into various sectors, including
banking and mining in the country.

The group is however waiting
to get a nod from Reserve Bank of India to enter the banking
space.

The group is also pondering over to invest Rs 1200 crore in Goa
with five projects in 300 acre of land, which it has purchased
in Goa.

It will come up with India’s first Sofital resort, which is Accor’s five star brand, under this project. In addition, the group will be implementing its plans to develop 300 Timeshare villas under the Accor Premier Vacation Club in Goa.

Photo: Taj Mahal Palace Hotel by Joe Ravi, licensed under CC BY-SA 3.0, via Wikimedia Commons.