India's Bloom Hotel Group is looking to open 10 new properties in the state of Gujarat over the next two to three years for an estimated Rs 100 crore. Target markets include Surat, Baroda and Gujarat International Finance Tec-City. Within the next two years alone, the company hopes to add 1,000 rooms in the state to its portfolio.
"We see fantastic potential across the state with several more hotels already signed," Bloom Hotel Group COO Sanjeev Sethi said in a statement, according to news service PTI.
Bloom operates midsegment and boutique hotels across different locations in India, including Delhi, Gurugram, Goa, Bengaluru, Amritsar, Udaipur and Rishikesh. The company has reportedly set a target of operating 100 hotels by 2021 and also is exploring new markets, including Kerala, Pune, Jaipur and Varanasi, among others.
A year ago, the group raised Rs 100 crore in a round of funding from Samena Capital, a principal investment group focusing on the subcontinent, Asia, Middle East and North Africa.