Residency Group Of Hotels To Invest Rs 2500 Crore To Set Up New Properties

Chennai-based Residency Group of Hotels, a part of the Appaswamy Real Estates conglomerate, is now spreading its wings to Madurai, Mysore and the Maldives. The Madurai project with 188-room is being set up at a cost of Rs 150 crore. The unique part of this project is its 56,000 sq ft convention centre, perhaps one of the largest in the region, capable of hosting around Rs 2,000-3,000 people at a time. In the Maldives, the second upcoming project will be a villa-led luxury resort in partnership with the Marriott. As a part of the ongoing expansion in Tier 2 cities, the group is planning an upscale hotel in Mysuru as well. And, the upcoming Mysuru project is being developed under the owner-operator model. All combined, the group has drawn up an investment plan of around Rs 2,500 crore for the next three years. The company currently has seven projects, namely The Residency Chennai, The Residency Towers Chennai, The Residency Towers Puducherry, Richmond Puducherry, The Residency Towers Coimbatore, The Residency Towers Rameshwaram and The Residency Karur. Without including the Maldives, the group has a room inventory of around 700 rooms. Appaswamy Real Estates was founded in 1959 by S Appaswamy. It forayed into hospitality sector in the early nineties is now managed by founder’s son Ravi Appasamy