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Hero Group Has Bought a Hotel in Gurgaon, India

Hero Group, which is known as the largest manufacturer of two-wheel transport in India, has started new business by acquiring a hotel in Gurgaon.

The distressed property is located at Club Road and has 280 rooms. The hotel complex also includes 3.9 acre of land. As Pankaj Munjal, the managing director of Hero Motors, mentions in his interview to DNA, this is an attempt to build the new business vertical within the company. He also added that Hero plans to add different facilities to make this property profitable.

The hotel is scheduled for opening in 2012.

Prior to purchase this property belonged to Nasri Group, which had kept it on the block. Now Hero Group has plans concerning changing this property into a luxurious five star hotel. This acquisition may cost Hero around Rs650 crore. This sum includes the purchase of hotel and all renovation works associated with it.

The owner has not concluded any management agreements yet, but Hero plans to attract one of the most famous hoteliers in the world. This may become a company like JW Marriot, Four Seasons, or Conrad. Currently the process of choosing a management organization is at the stage of initial negotiations, but the owner promises to finalize the decision very soon.

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