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The group has also decided not to renew its franchise agreement with global chain 'The Intercontinental'. It would rebrand its hotels under 'The Lalit' brand, in memoriam of the group's late founder Lalit Suri.
"We are investing around Rs 1,200 crore in the next three -four years to open eight more hotels across India and another two in Dubai and Thailand," Bharat Hotels Chairperson and Managing Director Jyotsana Suri told reporters here.
The group has an inventory strength of 1,500 rooms at its seven existing hotels at New Delhi, Mumbai, Goa, Bangalore, Srinagar, Udaipur and Khajuraho.
"Once our 10 hotels become operational we will add another 2,100 rooms and take our inventory to 3,600," Suri said, adding the new hotels would come up at various places, including Kolkata, Jaipur, Chandigarh and Ahmedabad, besides the ones at Dubai and Thailand by 2010.
When asked about the source of its funding, she said the group would finance through internal accruals and borrowing.
The group had clocked a turnover of Rs 500 crore last fiscal. "This year the growth in turnover will be either flat or at most 5 per cent," she added.
The group also announced that it would no longer be associated with The Intercontinental, with which it had a franchise agreement to use the brand.
"We had the agreement for use of their 'Intercontinental' brand name for four of our hotels. The agreement period for our Delhi and Goa hotels have culminated and that of our Mumbai and Goa properties would also expire within 18 months and we are not renewing them," Suri said.
She added the group would henceforth manage all its hotels under the brand name 'The Lalit'.
Regarding the global slowdown, Suri said her group has more or less maintained its business. "It has not affected us, but I cannot say what would be the situation six months later," she added. Asked about the Finance Minister's appeal to all companies for reduction of cost prices, Suri said her group will maintain room rents at existing levels. "I do not think we would be cutting down rates unless the government decides to issue a mandate," she said.
Suri added Bharat Hotels group is also planning to foray into the budget and mid-market category and would be developing six hotels of 20-50 rooms each.
She, however, declined to disclose details, including planned investments, saying the group would make announcement in another six months or so.
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