IHHR Hospitality Pvt (IHHR) is to invest US$335m (242m euro, £164m) from 2008 to 2010 in new developments including three Ananda spa retreats in South Asia.
India-based IHHR is probably best known for its destination spa Ananda – In The Himalayas. The new spas will be located in Jaipur and Puri, India, and in the Maldives.
Speaking to The Economic Times, IHHR managing director Ashok Khanna said that the company was currently in the process of finalising land for each of the Ananda properties.
The average development cost per spa facility will be US$37m (26.7m euro, £18.1m).
IHHR reportedly intends to utilise the US$43m (31.1m euro, £21.1m) sales proceeds from its 15 per cent equity divestment to Morgan Stanley in April 2007.
According to Khanna, the company also plans to open seven Ista business hotels in the Indian cities of Ahmedabad, Amritsar, Pune, Nagpur, Coimbatore, Chandigarh and Navi Mumbai.
Ananda – In The Himalayas is located near to the holy town of Rishikesh in Uttarakhand and features 70 deluxe rooms, five suites and three villas, all with panoramic views.
