Real estate developer Omaxe Limited has announced a dedicated hospitality business vertical, with plans to invest approximately Rs 6,200 crore over the next four to five years to develop 19 hotels spanning nearly 5 million sq ft across five states.
12 of 19 hotels to come up in Uttar Pradesh
Of the 19 planned hotels, 12 will be developed in Uttar Pradesh, including two in Ayodhya, three in Lucknow, two in Kaushambi, two in Vrindavan, and one each in Prayagraj, Ghaziabad and Gorakhpur. Omaxe will also build one hotel each in New Delhi, Faridabad and Ujjain, along with four properties across Chandigarh, Amritsar and Ludhiana, including two in Chandigarh.
In all, the company will have a hospitality presence across 13 cities in five states over the next four to five years, spanning high-growth urban centres, pilgrimage destinations and transit corridors.
The investment, subject to project-specific, regulatory and other approvals as well as market conditions, will integrate hospitality assets with Omaxe’s existing portfolio of townships, mixed-use developments, commercial destinations and urban infrastructure projects.
Gateway Hotel by IHCL anchors Dwarka project
Among the key projects is a 158-key Gateway Hotel by IHCL at The Omaxe State, the company’s 50.4-acre integrated destination in Dwarka, New Delhi, being developed under a public-private partnership with the Delhi Development Authority.
Omaxe will also develop transit-oriented hospitality infrastructure in Uttar Pradesh through PPP projects with the Uttar Pradesh State Road Transport Corporation.
The portfolio will span midscale and upscale branded hotels, luxury and premium flagship properties, high-capacity pilgrimage hotels, and branded serviced apartments and extended-stay studios, catering to business travel, leisure tourism, destination weddings, MICE and religious tourism.
Hospitality business seen generating Rs 1,000 crore annual revenue at stabilisation
The company said the investment will be deployed in phases over four to five years. Based on current business assumptions and subject to project execution, occupancy levels, market conditions and regulatory approvals, the hospitality business has the potential to generate approximately Rs 1,000 crore in annual revenue upon stabilisation, Omaxe said.
The company added that it is in advanced discussions with leading domestic and international hospitality operators for branding and management partnerships, with formal announcements to follow once definitive agreements are finalised.
Established in 1987, Omaxe is listed on the NSE and BSE since 2007 and has delivered approximately 140.17 million sq ft of real estate across 31 cities in eight states.
