Chennai: Hospitality group The Residency Hotels is investing Rs 600 crore over the next three years to establish three new luxury hotels in South India. This expansion occurs alongside the company's development of two hotels in Mysuru and a second property in the Maldives.
Investment Details
“An investment of about Rs 500 crore to Rs 600 crore has been earmarked for developing properties in new locations where we currently do not have a presence. The hotels will be located in Tier I, II and III cities across South India and will collectively add 450-500 rooms,” Rohit Ravi, managing director of The Residency Hotels, told TOI.
Current Operations
The hospitality arm of Chennai-headquartered Appaswamy Real Estates operates eight hotels across Tamil Nadu and Puducherry, including properties in Chennai, Coimbatore, Karur and Rameswaram.
Recently, the company launched The Residency Signature, a luxury hotel-cum-convention centre in Madurai, with an investment of about Rs 450 crore. The property offers 191 keys.
Madurai Property Strategy
Ravi said the property aims to tap the potential of destination weddings, MICE tourism and industrial development in and around Madurai.
“About one lakh to 1.5 lakh foreign tourists visit Madurai every year. Moreover, rapid industrialisation is taking place in Virudhunagar and Thoothukudi districts, including shipping-related projects, creating tremendous business opportunities for us. We will also introduce two robots for restaurant services at the Madurai property,” he added.
Maldives Expansion
The hospitality group is partnering with global operator Marriott to manage its second property in the Maldives, comprising 90-100 villas. “The property, which is currently under construction, will be inaugurated in 2027,” Ravi said.
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