Indian Hotels is to open 16 new hotels in the current financial year and has plans to open 11 more hotels in the next 2-3 years. The company will invest up to INR300 crore on expansion projects, which include its hotels at Dwarka in New Delhi and Yashwantpur in Bangalore in the current fiscal year.The company’s fourth quarter net profit rose 57% year-on-year to INR 94 crore aided by rising occupancies and average room rates, moneycontrol.com said.The total income for the company which operates the Taj Group of Hotels rose 20% y-o-y to INR 531 crore.Although most of its market in India is showing growth in occupancy and room rates, its operations in the US continues to put pressure on its consolidated earnings. “The performance of the company’s hotels in the US improved in 2010-11 and all efforts are underway to make this portfolio self-sufficient and profitable in a time-bound manner,” Indian Hotels said. “The company is looking at cash break-even for its US operations in two years,” Anil Goel, Chief Financial Officer was quoted saying.Indian Hotels currently operates 3 hotels in the US at New York, Boston and San Francisco.
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