The Accord Group today announced plans to expand from three to eight hotels as part of their strategy to acquire properties in India and overseas. The Chennai-based chain also intends to build new facilities while running all of its hotels under management contracts.
Venkatesh Bhat, Accord’s newly appointed CEO, said in a statement: “The plan is to have around 1,100 rooms under the group in three years’ time, from the 320 or so rooms that we have now.”
Currently, Accord has three five-star hotels: the 162-room Accord Metropolitan in Chennai, the 105-room Accord Puducherry and the 53-room Highland in Ooty. While the first two are owned by the group, the Ooty property is leased.
Bhat continued: “The group is in the process of finalising negotiations to acquire 1.5 acres [in Chennai, opposite the Hilton hotel] to build a five-star hotel. This will have lots of water features, which will be something new for the city. We are also looking at a greenfield property in Bangalore.”
The group is also in talks concerning overseas expansion with parties in London, Singapore and Dubai. Bhat predicts that his company’s revenue is expected to reach Rs75 crore this fiscal year.
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