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Mumbai : Ceebros Group is planning to invest Rs 430 crore in residential and hospitality projects in Chennai. The Group will invest Rs 250 crore in residential and Rs 180 crore in hospitality projects. According to a report, the Group recently launched its second hotel in Chennai, The Raintree Hotel, Annasalai.
During the launch, C Subba Reddy, Managing Director, Ceebros Group, said nearly 80 per cent of the project cost would be funded internally and the balance through debt. The Group had invested Rs 200 crore in the second hotel property. The third hotel on the airport road, with an investment of Rs 180 crore, is under construction and will be opened in a couple of months.
Reddy said, "The new 230-room hotel at Annasalai has all amenities. The contemporarily styled hotel had been designed by architects and designers Uphasani Design Cells, and interiors by Zeiler & Lim, Malaysia. The first hotel, The Raintree Hotel, St Mary's Road, took 36 months to breakeven and it had earned Rs 35 crore profit during last fiscal with 80 per cent occupancy rate. He hoped that the second hotel would breakeven in five years. We have two subsidiaries - Ceebros Property Development and Ceebros Hotels. The property division had earned revenue of Rs 350 crore during 2010."
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