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Feb 18, 2009

The Muthoot Group Eyes Coimbatore

The Muthoot Group, a Muthoot M George company, is planning to invest close to Rs 500 crore in Kerala and Tamil Nadu in the next four years. Muthoot Leisure and Hospitality Services plans to launch three new hotels in Kerala — a business class hotel in Kochi, a beach resort in Mararikulam and a resort in the backwaters. A business class hotel with 150 rooms in Kochi is expected to open in 2010 with an investment of around Rs 100-150 crore. A beach resort at Mararikulam will come up at cost of Rs 50-60 crore (excluding land costs) with 100 rooms by 2011.


“We believe that it is a good time to enter the hospitality segment as by the time the hotels are started, the economic situation will be better,” said George M George, executive director, Muthoot Group. The group is also looking at Chennai and Coimbatore to invest Rs 250 crore on hotels. “We have slashed rates of our packages from Rs 10,000 to Rs 6,000 this year due to the downturn but have not seen a drop in footfalls in our hotels,” he said as the group opened its 1,000th store in Kochi under it’s finance arm — Muthoot Finance.

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