TajGVK Hotels and Resorts, formed through a strategic alliance between GVK Group and the Indian Hotels Company Limited, is planning to enter the ‘value for money' segment through the Ginger brand in Andhra Pradesh.
Work on the first Ginger hotel on a site located near Shamshabad international airport would commence shortly while work on the TajGVK's new five-star hotel at Begumpet is progressing according to schedule.
The new five-star hotel will consist of 189 rooms with cost of interiors estimated at Rs. 80 crore and it is expected to be operational by next year.
The company registered Rs. 60.98-crore income during the first quarter of the current financial year, up 28 per cent from Rs. 47.79 crore in the corresponding period last fiscal.
The profit after tax increased from Rs. 4.89 crore to Rs. 10.11 crore.
TajGVK's hotels at Hyderabad and Chandigarh clocked improved occupancy levels of 63 per cent and 74 per cent respectively while the hotel in Chennai was in a ramped up stage with occupancy at 50 per cent.