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Publication : Financial Chronicle

Date : August 20, 2009

Pride Hotels eyes pan-India presence

Company plans to open 30 hotels, adding 3,000 rooms by 2015 to become the country's third largest hotel chain...

Pride Hotels eyes pan-India presence Publication : Financial Chronicle Date : August 20, 2009 Company plans to open 30 hotels, adding 3,000 rooms by 2015 to become the country's third largest hotel chain The Pride Hotels group is on an expansion mode and is working to position itself as a national hotel chain with footprints in major cities. It plans to open five 5-star hotels over the next five years with a total investment of Rs 800 crore. “A massive expansion plan is in the works and we want to emerge as a national hotel chain, with a presence in almost all regions of the country,” S P Jain, founder chairman and managing director, Pride Hotels, told FC Estate. He said land has already been acquired for three hotels in Mumbai, Goa and Alibaug and they would be completed within three years. Two 5-star hotels will also come up in New Delhi and Hyderabad within five years. At presents, the group operates 5-star luxury hotels in Pune, Nagpur, Ahmedabad, Chennai and Banglore. Jain said the company would also construct three Pride Resorts. “We will build Pride Resorts in Kerala, Alibaug and Goa,” he said, adding that the company is already running its resort properties in Mahabaleshwar and Jaipur. The Company has also lined up 10 new Pride Biznotels in strategic tier II and tier III cities that would be operational by 2015. These will be three-four star, full-service business hotels. “The tariff would be Rs. 2,000-Rs 4,000 per room, per day, whereas the 5-star luxury hotels would charge Rs. 5000-Rs 10,000 per room, per day,” Jain said. At present, the company runs five company-owned Pride Biznotels at Puducherry, Ranipet, near Chennai, Chinchwad, near Pune, New Delhi and Aurangabad. The hotel chain has an inventory of 1,000 rooms and 38 conference halls that can seat 50 to 2,000 people While the 120-room, 5-star hotel in Bangalore was launched recently, the Goa hotel will have 100 rooms, entailing an investment of Rs 55 crore. Jain said during the past five decades, only few world-class hotel groups have establishes their footprints across India. “By 2015, we will have 30 decades, only with 3,000 luxury rooms in 30 cities. We hope to become the third largest hotel chain in the country,” he added. At presents, the hotel chain has an inventory of 1,000 rooms and 38 conference halls that can seats 50 to 2,000 people, besides 28 restaurants. To fund the projects, the company plans to raise Rs 200 crore through an initial public offering (IPO) in January 2010, while Rs 250 crore will come from internal accruals. The hotel chain also plans to raise Rs 100 crore from private equity partners. Jain said due to the global economic slowdown, business was down by 20-25 per cent and at present, the swine flu pandemic had affected occupancy. “It is a temporary phenomenon; we expect business to pick up post October,” he said.

Publication : India Business Journal

Date : August 2009

Page No. : 18

Spreading Wings

The Pride Group of Hotels draws up a Rs 800-crore expansion plan to take the Pride brand to 30 cities...

Spreading wings Publication : India Business Journal Date : August 2009 Page No. : 18     The Pride Group of Hotels draws up a Rs 800-crore expansion plan to take the Pride brand to 30 cities. The Pride Group of Hotels is abuzz with activities. The hotel chain, promoted by Mumbai-based SP Group of Companies with interests in construction, financial services, is on an expansion spree. The hospitality major has chalked out a Rs 800-crore ambitious plan to take the Pride brand to 30 cities in the next six years. During the last five decades, only two world-class hotel groups have made their presence felt on a pan-In-dia level. By 2015, we will have 30 hotels with 3,000 luxurious rooms in 30 cities to emerge as the third-largest hotel chain in the country, I reveals Pride Hotels Managing Director S P Jain. Pride Hotels is all set to launch a 100-room, luxury hotel in Goa this year entailing an investment of Rs 55 crore. It has also lined up Rs 250 crore to open a 250-room hotel in Mumbai by 2010, which will be followed up with another hotel in Alibaug. The company has already acquire land for its upcoming hotels in Mumbai, Alibaug and Delhi. The hospitality company, which currently operates 10 hotels with 1,000 rooms in 10 major cities, recently opened a 120-room, five-star hotel in Banglore. The group currently operates five-star luxury hotels in Pune, Nagpur, Ahmedabad, Chennai and Banglore. Under the Pride Biznotel brand, it operates properties in Chinchwad(near Pune), Ranipet(near Chennai) and Puducherry, while it has presence in Mahabaleshwar and Jaipur under the Pride Resorts brands. The Pride Hotels expansion comes at a time when the hospitality industry across the world is reeling under several problems. The global economic slowdown has pushed occupancy rates to the lowest in the last four decades. Besides, a spate of terrorist attacks across the globe, including major Indian cities, and the Swine flu threats have forced renowned hospitality chains to cut back investment plans and defer many projects. Funding growth The ambitious expansion plan has been worked out to the last detail. The company plans to raise rs 200 crore from an initial public offer (IPO) in the year 2010 to part-fund its growth. The balance will be raised through a mix of internal accruals, debt and private placement of equity. We are looking at offloading around 30 per cent of equity to meet the fund requirements. We will also mobilise money from internal accruals and through term loans from banks and financial institutions. Kotak Real Estate Fund has invested Rs 45 crore and Primary Real Estate Investments, Mauritius, has invested Rs 10 crore in the equity capital of Pride Hotels, discloses Mr Jain. The company is planning to submit the draft offer document to the Securities and Exchange Board of India(SEBI) in a couple of months. It has roped in Edelweiss as one of the lead managers for the proposed IPO. Winning strategy Pride Hotels has come a long way in the past one decade. Mr Jain's grand vision and his untiring efforts have played a vital role in building the hospitality chain. A strong entrepreneurial spirit triggered a major transformation in Mr. Jain's life and career chartered accountant turned to hospitality. As I am more inclined towards service-oriented enterprises, I turned towards the hospitality segment in the late nineties. I had realised by then that the industry has tremendous growth prospects in the future, reminisces Mr Jain. A unique business strategy followed by Mr Jain has reaped rich dividends for the hotel chain. Mr Jain has mastered the art of acquiring start-up hotels at an attractive price and then converting them into state-of-the-art, luxury, five-star hotels. He zeroed in on hotel properties in prime locations in cities, which had fallen upon bad times because of inefficient management or lack of finance. In 1999, a hotel in Pune was converted into a luxury, five-star property, giving birth to the first among chain of Pride Hotels. This was followed by a string of acquisitions in high-potential, tier-II cities, which firmly positioned the group in the crowded hospitality industry. Like in Pune, the Nagpur property too was located at a prime location opposite to the Nagpur international airport. However, it was designed in an old-fashioned manner and was hence primarily used as a marriage hall. Mr Jain picked it up at a very low cast and undertook a costly, innovative, architectural exercise to reshape its exteriors and interiors. Today, pride Nagpur has become the best address in the region and dignitaries from across sectors make it a point to stay there. The story of Pride Ahmedabad too is interesting. A promoter had started setting up a hotel property in Bodakdev, a fast-developing area in the city. The development ground to a halt following some financial problems with the promoter. Mr Jain stepped in acquired the property and refurnished and converted it into a grand, luxury five-star hotel. Today the 173-room property has emerged as the most preferred business hotel in Ahmedabad Incidentally, it is also the largest five-star hotel in the whole of Gujarat. Mr Jain applied the same, successful strategy in Chennai too. He purchased a property in the Kilpauk area and renovated, refurnished and converted it into a modern and highly-sophisticated hotel. The 115-room hotel on the busy Poonamallee Road is already operating and one of the sought after hotels in the city. Epitome of excellent All the properties of the pride Group of Hotels reflect elegance and opulence with aplomb. Strategically located in prime areas, the Pride Hotels, with their elegant interiors, exquisite land scaping and smiling stewards and waiters, provides world-class hospitality services. We do not strive only for five-star luxury in the exteriors and interiors of our properties, but also aim at giving services of international standards across the board, be it food and beverages, hi-tech connectivity, room facilities, soft furnishing or hardware, at all the Pride hotels. This also leads to standardisation of our services points out Pride Hotels CEO Satyen Jain. Food and beverage at the company's chain of hotels are a class apart. With multi-cuisine restaurants and mouth-watering dishes, dining can be a memorable experience here. The ambiance at all its hotels is exquisite. Deluxe rooms and suites at the hotels ensure that its guest experience a home away from their own. The hotels offer air-conditioned, standard rooms, equipped with essential business aids and luxury of space. The success of Pride hotels can be attributed to the positioning of the product. We have built smart business hotels. We know the requirements of our guests, who hail from the upper middle class business segment. Our facilities are tailored to meet his business needs, stresses Arun Nayar, director (operations), Pride Hotels. The company has put in place an elaborate system to make sure that its guests enjoy business with pleasure. Its well-equipped banquet halls, varying in sizes, double up as ideal venues for business meetings, conferences, corporate events, seminars, get-together and weddings. We provide facilities for meetings and conferences with more than 60 conference halls and board rooms that can accommodate people ranging from 20 to 2,000. It is one of the reasons why we have a repeat clientele and why our hotels have 75 to 80 per cent occupancy rates, notes Tridip Ghosh, general manager (Sales), Pride Hotels. No wonder, the hospitality major has won several awards and recognitions. In 2008, it won the CNBC TV18 Emerging Company of the Year award and many other accolades. Hoping to cash in on the growing business travellers, the Pride Group is focusing on its Pride Biznotel format. It is scaling up its Pride Biznotel properties in major cities and towns, with launches scheduled in Noida, Rajkot, Kochi, Gurgaon and Kolkata by 2011. while five-star hotels in India are on a par with global competitors, there is a near absence of internationally acceptable three-star and four-star hotels. We aim to bridge this gap by expanding Pride Biznotel to multiple locations to meet the discerning needs of the budget traveler, emphasizes Satyen Jain. Mr Jain has planned his venture with a long-term vision and reason. The hospitality major is set to spread its wings across the country in the next six years. Mr Jain had set a target of 10 hotels in the first decade of operations and it was achieved before schedule. Going by Mr. Jain and the Pride Group track record, one can safely expect to check into a Pride hotel in almost all the leading cities of the country very soon.

Publication : Business Standard, Ahmedabad

Date : August 13, 2009

Page No. : 7

Pride to operate 30 hotels by 2015 at Rs 800 crore

The company plans to raise Rs 200 crore through initial public offering(IPO) in January 2010. Other funds for the expansion plan would be raised from internal accruals, term loans from banks and various financial institutions...

Pride to operate 30 hotels by 2015 at Rs 800 crore Publication : Business Standard, Ahmedabad Date : August 13, 2009 Page No. : 7     Pride to operate 30 hotels by 2015 at Rs 800 crore Plans one hotel in Rajkot by '11 As part of expansion initiative Pride Group of Hotels aims to open five five-star hotels spread over a period of six years. This expansion entails opening of luxury hotel in Goa in 2009 followed by Mumbai, New Delhi, Hyderabad and Alibaug in 2010. 'Pride Biznotel', the full service business hotel from Pride Group will penetrate its reach in Tier II metros with launches scheduled at Noida, Rajkot, cochin, Gurgaon and Kolkata by 2011. Pride group currently operates five-star luxury hotels at Bangalore, Pune, Nagpur, Ahmedabad, Chennai and Banglore. Under Pride Biznotel and Pride Resorts brands, the group has set up properties in Pune, Ranipet, Puducherry, Mahabaleshwar and Jaipur. While the 120-room five-star hotels was recently launched in Banglore, the 100-room hotel at Goa with an investment of Rs 55 crore will be operational shortly and 250-room hotel at Mumbai at a cost of rs 250 crore will be launched in 2010. The group, which presently has 1000 luxurious rooms at ten hotels in India, has chalked out an ambitious Rs.800 crore growth plan. Announcing the developments SP Jain, managing director, Pride Hotels ltd says, “During the last five decades only two world class hotels groups have made their presence felt on a pan-India level. By 2015 we will have 30 hotels with 3,000 luxurious rooms in 30 cities to emerge as the third largest hotel chain in the country, Once we emerge as a national hotel chain, we will explore possibilities of extending our reach to other European and Asian countries.” The company plans to raise Rs 200 crore through initial public offering (IPO) in January 2010. “The company will submit the draft offer document to the Securities and Exchange Board of India in a couple of months. Other funds for the expansion plan would be raised from internal accruals, term loans from banks and various financial institutions. Keeping in view the ambitious growth plans of the company Kotak Real Estate Fund has invested Rs 450 million and Primary Real Estate Investments, Mauritius have invested Rs 100 million in the Equity Capital of Pride Hotels Ltd. Jain adds. The company plans to raise Rs 200 crore through initial public offering(IPO) in January 2010.Other funds for the expansion plan would be raised from internal accruals, term loans from banks and various financial institutions. The group's Pride Biznotel is moderately priced, upscale, full service, business and leisure hotels to cater to the budget traveller. “We had occupancy rates close to 70 per cent at all our hotels despite the global economic slowdown,” says Satyen Jain, CEO, Pride Hotels Limited. Pride Hotels are promoted by the Rs. 2,500 crore SP group of companies engaged in the businesses of hospitality, construction, financial services and software for the hospitality industry.

Publication : Go Bangalore – City Guide

Date : September 1, 2009

Page No. : 32

Pride Hotel – Bangalore Launch 28th September 2009

The Pride Hotel, Bangalore is the eleventh hotel in the Pride Hotels group, with 10 hotels across 7 cities already to their name...

Pride Hotel – Bangalore Launch 28th September 2009 Publication : Go Bangalore – City Guide Date : September 1, 2009 Page No. : 32     The Pride Hotel – Hospitality with global standards Banglore's skyline now has a new addition in the form of The Pride Hotel, Bangalore is the eleventh hotel in the Pride Hotels group, with 10 hotels across 7 cities already to their name. The hotel is conveniently located in the heart of the central business district at Richmond Road, a short drive from the city's premier IT parks and business centres, with the sport complex, airport, commercial and shopping centres all within easy access. The hotel has 100 rooms, all well stocked and designed keeping in mind the needs of the business class globe trotter. They also provide services for corporate engagements that include boardrooms with conferencing facilities. They also have four banquet halls, namely 'Crystal', 'Imperial', 'Royal' and 'Senate'. The Pride Hotel has two restaurants, Cafe Treat, a 24-hour coffee shop and Casablanca, a Mediterranean restaurant. The coffee shop, with a capacity for seating 100 people, serves a delectable array of classic Indian and contemporary international cuisine amidst abstract lighting and smart décor. It also has an adjoining open air barbeque apace for special barbeque evenings. Cafe Treat also offers lavish buffets for breakfast and lunch. Casablanca on the other hand is a fine dining restaurant with a capacity for 80 people, the choicest and the most scrumptious in Mediterranean fare and a theme based plush décor that includes a bar. The flavours and seasonings of garlic, oregano, basil and rosemary in Casablanca's fare reflect the warmth of the Mediterranean sun. But their signature dish is shellfish in every form – grilled, stewed and dried, apart from a host of other seafood dishes accompanied by traditional wines. So the next time you are in Banglore, schedule a stay at The Pride Hotel for a global experience par excellence. Business trips are made easy at Pride Hotel with opulent rooms and great food.

Publication : DNA Money

Date : August 28, 2009

Page No. : 22

Pride Hotel – Bangalore Launch August 2009

Pride Hotels plan to go public in January 2010. The Hotel major is looking to raise Rs.200 cr through an IPO. In talks with PE players to raise a second tranche of Rs.45 crore...

Pride Hotel – Bangalore Launch August 2009 Publication : DNA Money Date : August 28, 2009 Page No. : 22     Pride Hotels lines up Rs 800-cr expansion Hospitality chain plans to bring 30 hotels under its portfolio with an inventory of 3,000 rooms by 2015 Pride Group of Hotels, part of the Rs 2,00-crore war chest bolster its expansion plans. The hospitality chain, which has ten hotels under its portfolio, plans to take the count to 30 with an inventory of 3,000 rooms by 2015. of these, 10 hotels will come up in the five-star luxury segment, 15 business hotels under the Biznotel brand and five will sport the Pride Resorts Label. Aligning with its expansion plans, the hotel major is exploring a diverse mix of funding options term loans from banks, internal accruals and Pes to raise money. It is in talks with PE players to raise a second tranche of Rs 45 crore from Kotak Real Estate Fund and Rs 10 crore from mauritius-based Primary Real Estate Investments in the first round of fund-raising. Continuing its trail, the company plans to hit the capital market in January 2010. “Pride Hotels Plans to take the IPO route to raise Rs 200 crore. While another 200 crore will be raised from term loans through banks and other financial institutes. The company has generated Rs 250 crore from internal accruals for the same,” said SP Jain, chairman and managing director of the group. The hotel major has lined up a slew of launches across all three segments it operates in. the company will invest Rs 250 crore to set up and running by 2010. it will soon be launching another luxury property in Goa costing Rs 55 crore. The chain also looking to set up two business hotels under the Pride Biznotel brand in Aurangabad and New Delhi. The company has entered into management contracts with Orchid, Sarovar Group, Ibis to manage business hotels. The hospitality major is scouting for properties in Kerala and Alibaug to expand its resort brand – Pride Resorts. It already has two properties in this category in Mahabaleshwar and Jaipur. The company presently has an inventory of 1,000 rooms. The company has 5 five-star luxury properties in Pune, Nagpur, Ahmedabad, Chennai, including the newly-launched 100 room property in Banglore. The sixth one is coming up in Goa. Its portfolio comprises of three business hotels in Ranipet, Pune and Puducherry.

Publication : Financial Chronicle

Date : September 28, 2009

Page No. : 5

Pride Hotels may go for IPO to raise Rs 200 crore

We plan to tap the capital market in mid 2010 to the tune of rs 175-200 crore. Besides, we are eying PE investments...

Pride Hotels may go for IPO to raise Rs 200 crore Publication : Financial Chronicle Date : September 14, 2009 Page No. : 5     Pride Hotels may go for IPO to raise Rs 200 crore Hospitality major Pride Group of Hotels is planning an IPO of around Rs 200 crore in the first quarter of FY11, besides, tapping private equity funds to fuel its Rs 800 crore expansion through 2015. “We plan to tap the capital market in mid 2010 to the tune of rs 175-200 crore. Besides, we are eying PE investments. We have lined up a Rs 800 crore expansion through 2015 by when we should have 30 hotels under our fold,” Pride Hotels' chair man, S P Jain, said. The group, which has 10 hotels at present, is eyeing PE funding of Rs 45 crore and is in discussions with a few players for the same. Around Rs 250 crore will be generated through internal accruals while the remaining will come through term loans, Jain said. The company has already obtained PE funding of Rs 55 crore from Kotak Realty Fund and a Mauritius-based fund, he said.

Publication : Afternoon Voice

Date : September 11, 2009

Page No. : 11

Pride Hotels set for Mumbai

Opening of its first property in the commercial capital by setting up a 250 rooms Five Star Deluxe Hotel in Mumbai...

Pride Hotels set for Mumbai Publication : Afternoon Voice, Mumbai Date : September 11, 2009 Page No. : 11     Pride Hotels set for Mumbai Pride Hotels has announced the opening of its first property in the commercial capital by setting up a 250 rooms Five Star Deluxe Hotel in Mumbai. The company will invest Rs 200 crore to set up the Mumbai property which will be operational in 2011. despite the recession Pride Hotel Group has showed a growth of 5-7 per cent. Conveniently located close to the International Airport the Hotel will comprise of 250 rooms each boasting of tastefully adorned décor, luxurious, 24 hours coffee shop and 2 specialty restaurants. The state-of-art conference can cater to an audience ranging from 50-2000 guests. The exclusive feature includes a separately ear marked 'Women's Floor' with attached Spa and Gym. The Hotel across the country. Announcing the developments, S P Jain, managing Director, Pride Hotels Limited says, “Even as the hotel industry worldwide faces the squeeze from the global economic slowdown we continue to embark on a rapid path of expansion. We aim to triple the number of properties from the current 10 within the next five years adding hotels in all three categories of five star, business hotels and resorts thus emerging as the third largest hotel chain in India.” After the 26/11 attacks, the hotel is also concerned about the safety. The new hotel with have a separate entrance for luggage away from the main entrance with the screening machine, 24 hours video camera watch and a special keygaurd for the lift do the people without the key won't able to use lift.