Peerless Hotels unveils ambitious expansion plan amidst hospitality resurgence

Peerless Hotels, subsidiary of the Peerless General Finance & Investment Company is set to undergo a substantial transformation by doubling its room capacity over the next five years. Currently, the well-established hospitality company, with three decades of experience, manages 450 rooms spread across strategic locations such as Kolkata, Hyderabad, Port Blair, Durgapur, and Mukutmanipur. An integral part of their strategy involves the recent upgrade and relaunch of the Peerless Inn in Kolkata, now rebranded as Peerless Hotel. This move signifies a strategic shift towards a higher-value positioning within the market.
With the successful completion of the Kolkata property's upgrade, the company is gearing up to enhance the remaining properties before delving into a phase of expansion. The expansion avenues include both management contracts and acquisitions. Debasree Roy Sarkar, the Managing Director of Peerless Hotels, prioritizing the consolidation of existing properties before venturing into expansion initiatives. She elaborates that after completing the consolidation plan, the company will explore opportunities for footprint expansion, either through acquisitions or management contracts.
Supriyo Sinha, Director of PGFI, expresses the company's openness to acquiring existing properties or hotel chains. While the timing for such endeavours is unpredictable, they are ready to evaluate opportunities as they arise. Notably, there is no intention to construct new properties from the ground up, highlighting a focus on leveraging existing assets and market opportunities.
The internal consolidation of existing properties is anticipated to unfold over a two-year timeline. The recently upgraded Peerless Kolkata, now boasting 168 rooms, is expected to command a higher Average Room Rate (ARR). The unveiling of Club Eminence on the third and fourth floors, featuring 32 rooms and suites, adds a touch of luxury to the revamped property.
Under the leadership of Kuldeep Bhartee, the CEO of Peerless Hotels, the company embarked on a transformative journey last year. The goal was to redefine the guest experience by seamlessly blending the charm of a bygone era with modern simplicity. This vision is reflected in the renovated spaces, providing a harmonious fusion of old-world elegance and contemporary aesthetics. As part of the rebranding initiative, all city hotels will now be known as Peerless Hotels.
The timing of this strategic move aligns with a broader industry trend, as the hospitality sector experiences a notable recovery post-Covid, primarily fuelled by the resurgence of domestic travellers. Bhartee anticipates a substantial growth in revenues for the fiscal year 2024, projecting a remarkable 29-30 percent increase. Debasree Roy Sarkar highlighted that, this fiscal year is poised to be the most successful in terms of both revenues and profits for the company, surpassing the achievements of the previous best year in 2019-20.
This story was earlier published in the Business Standard

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Peerless Hotels unveils ambitious expansion plan amidst hospitality resurgence

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