Citrus Hotels & Resorts is planning to add nearly 1,500 rooms by 2017.
The company will invest Rs 500 crore for the purpose and the funds will be raised through internal resources and debt. As per the plan, it will set up 18 new properties to add 1,500 rooms. The business model for the upcoming hotels will be a mix of owned, leased and management controlled.
The company has commenced construction work on hotels at Mumbai and Nagpur in Maharashtra, at Jodhpur in Rajasthan and, at Pench in Madhya Pradesh. Besides, it is also looking for properties at other locations. Currently, the company has 475 rooms spread across eight properties.