Sincere Developers plans Rs 1,500-cr investment in luxury hospitality

Sincere Developers is set to invest more than Rs 1,500 crore in the luxury hospitality sector, with plans to expand its portfolio by opening new hotels in Agra, Udaipur, and Goa. The company is also co-developing a new hotel with a leading luxury chain in Rishikesh.

As per plan, its second luxury hotel in Agra is likely to come up in the next three years, and the company will build a 180-room hotel over a three acre land parcel, for which it plans to invest around Rs 600 crore.

In Udaipur, the developer has bought the land and in talks with Four Seasons for the hotel and is looking to invest around Rs 600 crore. Also, over the next four years apart from two boutique hotels in Goa, it is are also exploring building a mid-scale 200-250 rooms hotel in Noida, Uttar Pradesh.

With Rs 55-60 crore being spent in revamping efforts Taj Hotel & Convention Agra with 240 renovated rooms will reopen in mid-November, with 90 rooms having a butler service.