New York-based Berggruen Holdings' Indian hospitality venture Berggruen Hotels on Monday announced plans to set up 38 budget hotels over the next five years at an investment of $100 million.
Berggruen Hotels, promoted by US investment firm Berggruen Holdings, on Tuesday said it will invest Rs 1,100 crore (Rs 11 billion) over the next five years to build 38 'Keys' brand budget hotels comprising about 4,500 rooms across India.
At a time when the economic slowdown is eating into corporate earnings, the country's economy hotels, including Krizm Hotels and Berggruen Hotels, are going ahead with their expansion plans.
There are approximately 300 million domestic travellers each year and this number is expected to grow by 10-15 per cent every year.
'Demand in India has been outstripping supply.'
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