BANGALORE, INDIA Royal Orchid Hotels is looking to raise up to Rs1.5 billion (US$32 million) to fund new projects, with the aim of doubling the company’s guestroom inventory by next year.
Royal Orchid will raise the funds through a mix of debt and equity, The Economic Times reports. The funds will be used to double Royal Orchid Hotels’ total room capacity to 2,000.
Royal Orchid has projects under way in the India cities of Jaipur, Hyderabad, Hospet, Shimoga, Mumbai and Mussoorie. The company currently has about 1,000 guestrooms open across 13 hotels in seven cities across India.
