Pune-based promoter and developer, the Amrut Runwal Group, is all set to venture into the hospitality industry. The group will begin with a five star property in Pune, which is scheduled to open by June 2009.
“In order to diversify business operations, the Amrut Runwal Group decided to enter the hospitality industry. Since Pune is an upcoming IT hub, the demand for hotels is increasing. Hence we started our hospitality business in this city,” says Ankush Parakh, Vice President, Amrut Runwal Group. The Ramada, the brand owned by Wyndham Hotel Group will be franchisor for the property. Amrut Runwal group plans to have four five star properties in India (which includes the Pune property) by 2013. The company is in talks with various hoteliers for management contracts. The group plans to raise funding for this property through private equity.