October 24, 2007

Domina Hotel Group Expands In India With 25 New Hotels: Overall Value 600.000.000 US$

Domina Hotel Group expands in India with the realization and management of 25 new hotels. The project will be run by an equal joint venture with Shristi Holding, quoted in the Indian National Stock Exchange and part of Kanoria Group with offices in India, Germany and Russia. Shristi is one of the primary Indian Real Estate firms. Within 2012, the overall value of the hotel complex will amount approximately to 600.000.000 US$. The operation foresees the establishment of a joint venture divided in equal parts amongst the two groups that will control the management of the assets, whilst the real estate development will be realised by Shristi Corporation. The project is based on the creation of 4 star, medium-large scale, 100-200 rooms hotels and resorts, located in the main cities or holiday resorts in India (including destinations such as New Delhi, Mumbay, Calcutta, Puri, Hyderabad, Bangalore and Udaipur). The plan will be realized in the next 5 years and others structures will be added subsequently. The hotels will be constructed following eco-sustainable parameters (vanguard standard constructions in the observance of holistic precepts and Indian tradition), will be equipped with all comforts, hi-technology, body treatments and wellness services. The first hotels are already under construction and will be marketed with the new brand Vedic Domina Hotels & Resorts. "We are proud to announce the new expansion of our Group in the Indian market" says Ernesto Preatoni, Domina Hotel Group's Chairman. "We are the first Italian operator of the hotel sector to enter the Indian market proving one more time our pioneer component that has already made us invest in Egypt twenty years ago, in the Baltic Region in the '90s and recently in Russia. Throughout our development plans we have always been taking with us our portfolio of worldwide experiences, Italian style and all the fundamental elements to realize projects of success." says Fran├žois Droulers, Domina Hotel Group's Vice President Director of Development and Acquistions. Domina Hotel Group has recently presented a capital increase of 10.000.000 EUR approximately and has registered a total turnover of 46.000.000 EUR for the 2006 financial year and anticipates that the 2007 financial year will be closed with revenues for 60.000.000 EUR. Source://sys-con.com