Kolkata, Aug 6 (IANS) Hospitality major EIH which runs the Oberoi and Trident hotels Tuesday said its 326 keys Hyderabad property is likely to open within a month.
The company has also received the planning approval for its beach front site in Goa.
"Trident Hyderabad consisting of 326 keys is expected to open within a month. We have received the planning approval for the company's 55 acre beach front site at Goa, for which environmental clearance is awaited," Executive Chairman P.R.S. Oberoi told mediapersons on the sidelines of the company's 63rd annual general meeting here.
About the company's upcoming ventures, Oberoi said planning for its projects in Bangalore and Pune are in progress while the two international enterprises in Morocco are also being developed at full swing.
The company was focussing more on managing than owning and creating properties, Oberoi said. Besides, it was looking for JVs to develop properties on its land at Bangalore and Goa.
With the company reporting a 11.64 percent rise in net profit to Rs 10.55 crore for the quarter ended June 30, 2013, Oberoi said the trend will continue despite the hospitality sector going through tough times.
"We hope to continue the trend despite the supply-demand mismatch putting room rates and RevPar under pressure. The unfortunate thing is the industry is not growing. The size of the cake remains the same. It's just that some players get bigger chunks," he said.
The company was stressing more at cutting down wastage rather than exploring cost cutting methods or adopting a pricing strategy.
"Pricing strategy is more of a short run solution and we are not looking for it. Moreover, we are looking at reducing our wastage than cutting down costs. Cost cutting ultimately affects services," he said.
He also rued lack of government initiative to revitalize the sector. "The government apathy is clear by the fact that for the past three years tourism and travel has not found a place in the Finance Bill," added Oberoi.
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