Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors

Hospitality chain Residency to expand business

by | May 25, 2021

residency groupChennai:(IANS) City-based Residency group of hotels is on an expansion-cum-modernisation-cum-new brand identity spree with new properties planned in Mysuru, Madurai and Puducherry and modernising its Residency Towers here, said a top company official.

The group is also looking at suitable acquisition while completing its rebranding exercise with the theme ‘Hospitality with Heart’.

“We will be building a 100 room hotel in Mysuru at an outlay of Rs.50 crore. In Madurai we will be building a 125 room hotel with a convention centre at an outlay of Rs.100 crore,” Ravi Appasamy, managing director, Appaswamy Real Estates Ltd told reporters here late Friday.

The Rs.750 crore revenue Appasamy Real Estates owns the Residency chain of hotels.

According to him, the company’s second hotel in Puducherry with 71 rooms is expected to be commissioned next year while the renovation work at its four star Residency Towers property is also expected to be over soon.

Currently Residency group of hotels comprise of five properties – two in Chennai, one each in Coimbatore, Puducherry and Karur – with a total capacity of 500 rooms.

0 Comments

Submit a Comment

Your email address will not be published. Required fields are marked *

Recent Posts

Sensex trades lower amid mixed global cues

Sensex trades lower amid mixed global cues

Mumbai: Indian equity indices opened lower on Friday following mixed cues from global markets. At 9.48 a.m., Sensex was down 430 points or 0.52 per cent at 81,771 and Nifty was down 118 points or 0.48 per cent at 25,023. The broader market trend remains positive. On...

Rapido raises USD 200 mn to expand operations, scale tech platform

Rapido raises USD 200 mn to expand operations, scale tech platform

New Delhi: Homegrown ride-sharing platform Rapido on Thursday said it has raised $200 million in its Series E funding, taking its valuation to over $1.1 billion. The funding round was led by WestBridge Capital, and also saw participation from existing investor Nexus,...

Rupee falls 3 paise to settle at 84.01 against US dollar

Rupee falls 3 paise to settle at 84.01 against US dollar

Mumbai: The rupee breached the crucial 84-mark second time within a month and settled 3 paise lower at 84.01 on Wednesday amid a sharp decline in the domestic equity markets as investors stayed away from riskier assets. However, a weak dollar against major...

India’s fintech startups grow fivefold in last three years

India’s fintech startups grow fivefold in last three years

New Delhi: India’s financial sector is growing at a rapid pace as fintech startups have grown by about five times in the past three years, according to a report. The growth has been from 2,100 in 2021 to 10,500 in 2024. JM Financial said in a report: “At present time,...

0 Comments

Submit a Comment

Your email address will not be published. Required fields are marked *