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Taj Mahal Palace to reopen fully on Aug 15
July 31, 2010
Mumbai: More than 20 months after the Mumbai terror attack, the heritage hotel Taj Mahal Palace will finally be re-opened fully on Independence Day. Indian Hotels claims it will be better Taj with a price tag of over ` 180 crore for the renovation.
“We have used the opportunity to refurbish and redesign the place. We have added many features and services party paid by insurance companies and remaining by our own coffers,” said Anil Goel, ED-Finance of Indian Hotels.
The expenditure was one of the reasons why the company's profit declined by over 80 per cent during the quarter. In order to recover that Indian Hotels is raising room tariffs.
“We see that our rates are nowhere they were earlier and with higher costs we could correct our prices,” said Ajoy Mishra, Sr VP at Indian Hotels.
But the issue however is its average room rate that is hovering at around ` 8000 levels, which is much lower than its peak two years back.
With global recovery still underway it remains to be seen will there be any 'room' for extra profits.
“We have used the opportunity to refurbish and redesign the place. We have added many features and services party paid by insurance companies and remaining by our own coffers,” said Anil Goel, ED-Finance of Indian Hotels.
The expenditure was one of the reasons why the company's profit declined by over 80 per cent during the quarter. In order to recover that Indian Hotels is raising room tariffs.
“We see that our rates are nowhere they were earlier and with higher costs we could correct our prices,” said Ajoy Mishra, Sr VP at Indian Hotels.
But the issue however is its average room rate that is hovering at around ` 8000 levels, which is much lower than its peak two years back.
With global recovery still underway it remains to be seen will there be any 'room' for extra profits.
Business & Economy
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No job cuts, Air India recovering: Praful Patel
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