Once the new hotels are operational, Pride Group will have 100 properties with over 10,000 keys spread across various geographical regions, primarily in tier 1 and tier 2 markets. The focus is on an asset-light model for expansion with a major slice of the portfolio managed directly by the company. Most of the new properties will be located in popular leisure destinations with great tourism potential.
SP Jain, chairman and managing director, Pride Hotels Limited, said, “Subsequent to the challenges due to the pandemic in the past two years we are now witnessing exponential growth. While we will have 50 properties by the end of this year we plan to expand our footprints nationally by doubling our portfolio to 100 hotels by 2030. With the market gaining rapid momentum we will soon come back to expansion mode for our flagship properties. The Pride Group performed exceedingly well in 2021-2022 compared to 2020-2021. The ADR and occupancy have gone up from 43% to 65% for the current year 2022-2023. We are expecting to clock a turnover of Rs. 250 crores this fiscal year.”
The new portfolio includes resorts and hotels in the cities of Nainital, Jim Corbett, Jabalpur, Daman, Rishikesh, Surendranagar, Dwaraka, Bhavnagar, Bharuch, Agra, Somnath, Dehradun, Chandigarh, Neemrana, Rajkot, Bhopal, Aurangabad, and Haldwani. Pride Group has also forayed into the premium service apartment space with the launch of its new brand ‘Pride Suites’, with the first property signed in Gurugram.