Wednesday, July 27, 2005

Oberoi plans expansion in Gurgaon & Mumbai

At the 55th annual general meeting of East India Hotels Limited (the flagship company of the Oberoi Group) the group announced its plans of opening a luxury Oberoi brand hotel in Gurgaon and another project of 440 room hotel in Bandra-Kurla in Mumbai which is expected to start soon. The average occupancies of this leading brand of hotels during the financial year 2004-05 increased to over 67 per cent as against 61 per cent in the previous year. There has been an increase in the East India Hotel's total revenue by 24 per cent, the operating profit rose by over 55 per cent, and the net profit after tax and extraordinary items by over 17 per cent. The dividend has also been increased to 40 per cent from 30 per cent in the previous year.