Bangalore based Zuri Hotels & Resorts is likely to invest over Rs 400 crore for setting up hotels in India and South Africa.

Currently, construction is underway for its hotel project which is coming up in the vicinity of the new airport at Devanhalli, Bangalore. The second project is coming up in Nairobi, South Kenya. Both the hotels are likely to be ready by December 2011.

The projects are likely to be funded through internal accruals and debt in the 30:70 ratio. Debt has been tied up with a consortium of nationalised banks.

Meanwhile, the company has started a new company - Zuri Hospitality Management Services - for hotel management business. The new company is likely to sign two management contracts soon. The new hotels are likely to be managed under 'The Retreat by Zuri' brand. These are new-build hotels developed by Zuri's realty partners in Sikkim and Kolkata. Between the two hotels, plans are afoot to add another 150 rooms to its existing inventory of 1,000 between India and overseas.

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Zuri Group to set up hotels, residential projects (10-Sep-09)