Singapore-based company Garcha Hotels is looking at entering the Indian market and planning to invest $100 million for it, the founder of the company was recently quoted in media reports.
According to Satinder Garcha, the company would be targeting tier I cities like Mumbai and Delhi to enter the Indian market.
“For the India expansion, we are looking at investing up to $100 million, as long as we can procure the right land/building in the right area,” Satinder Garcha, founder of the company, said.
The company at present is waiting for its properties in Singapore and Santiago to become fully operational. In India, Garcha Hotels would build properties with 50-200 rooms.
“The room inventory at the property could range 50-200 keys, as long as the structure and design of the property is in accordance with its individual theme, as well as the over-arching brand ethos and philosophy,” Garcha said.
Till now, the company has invested $250 million in Singapore market, Garcha added.
“Since the hotels being opened by the group in the next couple of years will be in Singapore and Santiago, we have great expectations from the outbound tourism market. Fears of backlash due to the global economic downturn notwithstanding, the Indian outbound travel industry has defied odds to earn the distinction of being one of the world's 'fastest-growing', and we expect this trend to continue in the coming year,” Garcha said.
According to Garcha, the company would continue to attract outbound tourism from India into countries like Thailand, Singapore and Malaysia among others which is only going to increase as the high-end segment of India is expected to grow consistently.
Satinder Garcha, who studied Computer Science in University of Texas, started his entrepreneurial career by co-founding website people.com which helped companies in Silicon Valley find IT staff. The company was acquired by TMP Worldwide which owns Monster.com for $55 million in 2000. After this, Garcha shifted to Singapore and started a real estate company Elevation which would build residential projects.
(Edited by Joby Puthuparampil Johnson)