The Pride Group of Hotels, which currently operates 44 hotels around the country, announced on Friday that it wants to expand to 100 hotels by 2030.
When the new hotels open, Pride Group will have approximately 10,000 rooms scattered across 100 properties in diverse geographic regions, predominantly in tier 1 and tier 2 markets. According to the company, the focus for expansion is on an asset-light model, with a large portion of the portfolio handled directly by the company.
Resorts and hotels in Nainital, Jim Corbett, Jabalpur, Daman, Rishikesh, Surendranagar, Dwaraka, Bhavnagar, Bharuch, Agra, Somnath, Dehradun, Chandigarh, Neemrana, Rajkot, Bhopal, Aurangabad, and Haldwani are included in the new portfolio.
With its new brand, ‘Pride Suites,’ the Pride Group has entered the premium serviced apartment space, with the first property in Gurugram.
Following the obstacles posed by the pandemic in the previous two years, SP Jain, chairman and managing director of Pride Hotels Limited, said the chain is currently experiencing “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,” he said.
“The Pride Group performed exceedingly well in 2021-2022 compared to 2020-2021. The ADR and occupancy have gone up from 43 to 65 percent for the current year 2022-2023. We are expecting to clock a turnover of Rs 250 crore this fiscal year,” he added.
Currently, Pride Hotels operates and manages a chain of hotels under the brand names Pride Plaza Hotel, Pride Hotel, Pride Resorts, and Pride Biznotel.