Oberoi Group to invest Rs 900 cr by 2011

Buoyed by one of its hotels -- Oberoi Uday Villas -- being named the world's best by Travel + Leisure magazine, the Oberoi Group said on Wednesday it will invest about Rs 900 crore (Rs 9 billion) by 2011 to develop three properties in India besides entering into management contracts abroad.

"We are developing a lot of properties in India, some on our own while others in partnership. We are also getting into management contracts in the overseas markets," Oberoi Group Chairman P R S Oberoi told reporters in New Delhi.

The group is developing one property each in Mumbai, Goa and Rajgarh in Madhya Pradesh on its own. It also has partnership projects in Bangalore and Hyderabad.

"The group has earmarked an investment of Rs 900 crore for adding 1,500 rooms in India. Already, Rs 400 crore (Rs 4 billion) have been invested," Vice-Chairman

S S Mukherjee said.

Currently, the group has 2,950 rooms in India and the company's expansion programme will be completed between August next year to 2011, he added.

On the overseas front, the company will be entering into management contracts for properties in Dubai, Abu Dhabi, Cambodia and Maldives, which together will add about 1,200 rooms. Currently, the Oberoi Group, which operates 32 hotels in five countries has 1,690 rooms overseas.

The group's property in Udaipur -- the Oberoi Uday villas -- has been named the best hotel in the world with an overall score of 94.36 by Travel + Leisure readers' survey.

In the same survey, Oberoi Amar Villas in Agra has been ranked as the 10th best hotel in the world, while Oberoi Raj Villas in Jaipur has been rated the 11th best.