Print Edition - 2016-04-28 | MONEY
CG Holdings plans to build four hotels in next five years
The company has acquired 35-cottage Tigerland Safari Resort and Lodge located on the edge of the Chitwan National Park
Apr 28, 2016-Chaudhary Group (CG) Holdings has announced developing four hotels in the next five years, with formal acquisition of Tigerland Safari Resort and Lodge in Chitwan on Wednesday.
The 35-cottage Tigerland resort spread over eight bigas is located on the edge of the Chitwan National Park.“This acquisition is the beginning of our investment in the hospitality sector,” said Arun Chaudhary, chairman and managing director of CG Holdings.
“Nepal has huge possibilities in the tourism sector. So we see a good future in the years to come.”
CG Holdings plans to invest Rs5 billion in four proposed hotel infrastructure, excluding land, over the next five years. According to Chaudhary, a 200-room five-star “Holiday Inn” property will be built in Jhamsikhel, Lalitpur, and will be completed by 2020.
The company had signed a management contract with InterContinental Hotels Group, one of the world’s leading hotel companies, in March to manage the hotel under the “Holiday Inn” brand.
The company also plans to construct another 80-room luxury five-star hotel in Sarangkot, Pokhara.
The other proposed projects are 125-room business hotel at Tripureshwor and a “Wellness Retreat” with 50 cottages at Budhanilkantha in Kathmandu.
CG Holdings is a wing of diversified conglomerate Chaudhary Group. Under the group, CG Hotels and Resorts recently brought into operation Meghauli Serai Jungle Lodge in Chitwan which managed by India’s most celebrated luxury hotel chain—Taj Hotels Resorts and Palaces.
CG Hotels and Resorts had last year acquired a majority stake in Summit Hotel, which had been run by Dutch group Foundation Nepal Holland House since 1978. Summit, which offers 73 rooms and is currently being managed by Zinc Hospitality, will be expanded to 200 rooms.
The company also plans to develop another four-star hotel at Jhamsikhel featuring 114 rooms. The company has acquired a 11-storey building for the hotel and plans to bring the hotel into operation by June 2017.
It has also acquired property of Hotel Chitwan Keyman in Chitwan. The old property has been demolished and the construction of a mall-cum-hotel is under way.
The proposed 10-storey building will have 50 rooms with a Cineplex and a food court. It will also be managed by Zinc.
Published: 28-04-2016 08:11