Source - Moneycontrol
Brigade Group is spinning big dreams for its hospitality arm Brigade Hospitality. After being in the service apartments and clubs space till now, Brigade is now tapping luxury hotels and resorts in South India. It plans to raise Rs 1,000 crore in the next six months. CNBC-TV18’s Vineetha Athrey reports.
Brigade Hospitality, which is a 100% subsidiary of the Bangalore based Brigade Group, is planning six luxury resorts and hotel properties across South India. This is set to launch by 2013. Brigade has already appointed JP Morgan as the banker for the exercise of raising about Rs 1,000 crore over the next six months through private equity. Brigade has started talking to six of the short listed PE firms for raising this money. It is targeting consolidated revenue of Rs 500 crore in the year 2014. This will be a year after the hotels become operational from Brigade Hospitality alone. Brigade Hospitality’s current turnover is around Rs 30 crore.
On the project:
There will be two Sheratons––one in Bangalore and other in Mysore. One Holiday Inn and two resorts with Banyan Tree and Angsana in Chikmagalur and a luxury island resort on Kochi. Investments figures are Rs 200 crore for the Bangalore Sheraton. It will have 230 rooms and will open in August 2010. Brigade intends to position Mysore Sheraton as a wedding and banquet destination with 220 rooms and investment of Rs 180 crore. It plans to open in 2013.
Along with it, Holiday Inn will also open in 2013 with 219 rooms and investment of Rs 120 crore. Apart from this, Brigade is also planning business hotels in Chennai and Bangalore.
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Rental property investment starts with finding the best deals. To do this, you can increase your odds by finding more deals. Who's more likely to get a cheap apartment building, an investor that looks through the MLS listings and calls it a day, or the one that uses ten
ReplyDeleteresources? Here are those ten:
1. Look in old papers to find "For Rent" ads. Call if they are a
few weeks old. The landlord may be ready to sell, especially if he hasn't yet rented the units out.
2. Look up old FSBO ads. Call on two-month-old "For sale By Owner" ads, and if they haven't sold, they may be ready to deal. Owners often give up the effort, but still would love to sell. Help them out!
3. Drive around looking for "For Sale By Owner" signs. Owners often don't want to pay to keep the ad in the paper every week, so you won't see all properties there.
4. Find abandoned properties. That's a pretty clear sign that the owner doesn't want to deal with the property. He might sell cheap.
5. Talk. Let people know you are looking and sometimes the properties will come to you. There are a lot of owners out there who want to sell, but haven't yet listed their property.
6. Talk to bankers. You might get a foreclosed rental property cheaper if you buy it before they list it with a real estate agent.
7. Offer someone a finder's fee. There are people that always seem to hear about the good deals. Have such people coming to you.
8. Eviction notices. If your local papers publish eviction notices, or if you can get the information at the courthouse, it can be useful. A landlord who just went through the procees of evicting tenants is a likely seller.
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