Anant Raj Industries to build five hotels

Anant Raj Industries, the infrastructure development and construction firm that focuses on the National Capital Region (NCR), is back on track with its hospitality plans following better macroeconomic trends.

The company plans to develop 5 hotels in 3- and 4-star categories in the coming quarters, which will either will be leased out or operated by the company itself under a tie-up with hotels chains.

In 2008, Anant Raj curtailed its hospitality plans due to a slowdown in the sector and allocated the funds for other projects such as special economic zones, commercial and residential projects.

Earlier, Amit Sarin, director at Anant Raj, had said that the company would drastically reduce the number of rooms in all its existing hotel projects and freeze plans for new hotels.

At present, the company owns and has completed 5 hotels and rental income from these properties has already been started.

The developer believes the improved outlook and Commonwealth Games in the national capital later in the year would increase hospitality demand further.

Foreign tourist arrivals in the country have risen by 12.8% in the last quarter at 1.56 million as against 1.38 million in the same quarter of the previous year.

Seven hotels of Anant Raj are strategically located close to the Delhi Airport. It has a tie-up with three hotel operators — Seasons, Aitken Spence and Althoff Hotels.

Anant Raj had said it will invest Rs 600 crore to buy land primarily in the NCR in the current fiscal to launch different projects.

It has already spent Rs 200 crore in 2010 to acquire land in Manesar and Sonepat in NCR. The company had allocated Rs 300 crore towards the execution of projects.