Ceebros launches second hotel in Chennai

ECO -SENSITIVE: C. Subba Reddy (right), Managing Director, and Swetha Reddy, Executive Director, Ceebros Group, at the launch of Raintree Hotel's second property, on Anna Salai in Chennai on Tuesday. Photo: Bijoy Ghosh   | Photo Credit: Bijoy Ghosh

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.

Addressing a press conference here on Tuesday, after the launch of its second hotel property — The Raintree Hotel, Annasalai — 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, was under construction and would be opened in a couple of months.

He said the new 230-room hotel at Annasalai offered all amenities. The contemporarily styled hotel had been designed by architects and designers Uphasani Design Cells, and interiors by Zeiler & Lim, Malaysia.

Mr. Reddy said the first property, 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.

He said the Ceebros group had two subsidiaries — Ceebros Property Development and Ceebros Hotels. The property division had earned a revenue of Rs. 350 crore during 2010.

The company had a land-bank of 100 acres near Chennai and it was in the process of acquiring more. At present, the group was developing 4.5 lakh sq. ft. of land in and around Chennai.

Mr. Reddy said Chennai was a prominent destination for international business travellers, given the city's leadership position in automobiles and auto components, information technology, textile and leather. The international travellers look forward to world-class experience in Chennai too. So the group would concentrate only on constructing luxury hotels.

He said the Ceebros group had a tradition of eco-sensitivity with all its residential and commercial realty projects earmarking about 30 per cent of the space for ecological preservation and greenery.

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Printable version | Jan 17, 2021 10:08:29 AM |

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