Why you guys find hotel leela stock hot? I dont expect a jump in price until the new projects are completed early than scheduled and start functioning. I have 1600 shares. Any comments
Bloomberg / Mumbai August 24, 2008, 4:39 IST
Hotel Leelaventure, India's third-biggest hotel company by market value, plans to more than double room capacity in three years as the company bets on an increase in business and leisure travelers to the country.
The luxury hotel chain plans to raise its capacity to 2,580 rooms by 2011 from 1,140 rooms now, Onno Poortier, who was appointed president of Leelaventure in February, said.
Leelaventure, which plans to add six hotels by 2011, is trying to cut its dependence on the Bangalore market, which accounted for about half its operating profit in the year ended March 31. India's technology hub, Bangalore, may see a decline in occupancy and room rates as companies in the US cut costs on travel and hotels amid a credit squeeze. As much as $500 billion has been wiped out in credit-market losses.
Companies in the US account for more than 60 per cent of the sales of Indian sof ...more