Mumbai-based Pride Hotels has received
a significant investment from Kotak India Real Estate Fund for part financing of
its Rs.340 crore expansion-cum-renovation plan.
The company aims to utilize the funds
towards setting up new hotels in Mumbai, Goa, Bangalore and Alibaug. Pride
Hotels has recently acquired 4.5 acres land at Alibaug, where it proposes to set
up a resort cum spa. It has also acquired property at Mumbai for construction of
200 rooms hotel.
The Bangalore hotel is nearly on
completion and is expected to open by June 2008.