Mumbai: US-based Imperial Investments Group plans to foray into the Indian hospitality sector with an initial investment of $100 million over a period of five years, a top company official said.

"There is a heavy demand for hotels in India, especially 3 and 4-star categories. We plan to invest $100 million in the hotel segment in the next 5-7 years," Imperial Investments Group President Nitin Shah told reporters here. Shah said he was in discussions with some local players on the mode of investment.

"We are still mapping our business strategy on whether to form a joint venture or go in for private equity funds to create a few hotels across categories," he said. The group, based in Georgia, US, runs 11 hotels in various categories in Georgia and three other neighbouring provinces.

Shah said in addition to Mumbai and other metro cities, the company was also looking at other markets such as Bangalore, Udaipur, Jaipur and Kumarakoram, amongst others.

With a number of international events slated to be hosted by India in the next couple of years and the Indian economy looking up, the country would need at least an $15 billion investment in the hospitality segment over the next 10 years to cater to demand, he said.
Source : PTI