Pride Group of Hotels, promoted by S.P. Group of companies, has embarked on a Rs. 800-crore expansion plan to open more five-star hotels, resorts and business hotels in a span of six years. The group, which at present has 1,000 luxurious rooms, will be opening more luxurious hotels, resorts and business hotels. Addressing presspersons here on Tuesday, S. P. Jain, Chairman, said the group had five-star hotels at Pune, Nagpur, Ahmedabad, Chennai and Bangalore. It would be opening luxury hotels in Goa this year and in Mumbai, New Delhi, Hyderabad and Alibaug in 2010.

For meeting the expenditure, the company will submit shortly the offer document to the Securities and Exchange Board of India for raising Rs. 200 crore through an initial public offering (IPO). Kotak Real Estate Fund has invested Rs. 45 crore and Primary Real Estate Investments, Mauritious Rs. 10 crore in the equity capital of Pride Hotels. The group plans to raise Rs. 300 crore through term loans. The balance would be met out of internal resources, Mr. Jain said.

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