Cygnett Hotels chalks out aggressive expansion plan

Kolkata: Affordable luxury hospitality brand

Cygnett Hotels

and

Resorts

has laid out an aggressive plan to expand its operations in India and abroad with a planned investment of Rs 280 crore over the next fiscal.

Working on an asset-light model, the company will also spread out to the $300-million wellness spa segment in the country. Cygnett’s founder and MD Sarbendra Sarkar said, “We are scouting locations in cities like Rishikesh and Vrindavan. By 2020, we shall have four wellness spa resorts with an investment of Rs 120 crore.”

Elaborating on expanding the company’s hospitality business, Sarkar said, “We are planning 10 more properties in India. In this leg of expansion, we intend to focus on the east and northeast due to the immense tourism potential here. We shall have two properties in Kolkata and at least five in the northeast by 2020.”

The new northeast ventures will see an investment of Rs 65 crore, while the two in Kolkata will receive Rs 30 crore,” he said, adding, “We have plans to acquire the management of properties in Odisha in 2020.” The northeast properties will be in Itanagar, Gangtok, Tinsukia, Dibrugarh and Yangang.

The firm manages 30 properties across 25 locations in India in the luxury, mid-range and budget segments under five brands. Cygnett is also planning to manage properties in Bangladesh and Sri Lanka with a planned outlay of Rs 80 crore in the next fiscal.

Speaking on the fiscal target, Sarkar said, “We shall clock Rs 100 crore this financial year and are confident of logging Rs 150 crore in the next fiscal.” Cygnett will also invest around Rs 1.4 crore on its technology platform and develop a new booking engine, Cygnett CX. “In addition to increasing our units, we are expanding our six food and beverages brand to provide a wholesome affordable luxury experience to the customer.”


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