Hospitality sector projects by EIH Limited in New Delhi
Project Information
6977
EIH Limited
BSE-listed hotel company EIH will spend Rs 325 crore over the next two years to completely renovate its 51-year iconic property, Oberoi Hotel, in New Delhi. The hotel will be closed for a two-year period beginning April 1, 2016 for renovation. It was the first hotel to be built by M S Oberoi, founder of The Oberoi Group.
The 283-room hotel on Delhi's Dr Zakir Hussain Marg contributed Rs 187 crore or 14 per cent to the company's annual revenue of Rs 1,341 crore in the year ended March 31, 2015. The company posted a net profit of Rs 96.63 crore during the year.
"The Oberoi, New Delhi, has a gross operating profit of approximately Rs 65 crore. To this extent, EIH's profitability will be impacted during the renovation. We will make every effort to open the hotel before April 1, 2018. We are confident the hotel will be far more profitable when it reopens driven by both a higher average room rate and occupancy," said a company spokesperson in response to queries.
Project Value
INR 325 Crore /-
Planning
New Delhi
Delhi
India
Hospitality
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