Bengaluru-based GD Group has announced a major push into the hospitality sector with a plan to tie-up with as many as ten properties by the end of 2020 under the brand name of MySpace Hotels by Great Destinations Hotels and Resorts.
The GD Group is looking to capture this growing segment and intends to have a pan-Indian spread on acquisition and lease models.
The company chose to make a foray into the hospitality sector as the GD Group has a foundation rooted deep in services. It has ventures in retail, education and healthcare.
The Group’s Managing Director, GD Balaji clearly believes in a vision of becoming a premium global conglomerate with a clear focus on each and every business, which is the group’s ethos.
Balaji felt, " This is the right time to expand our reach in the hospitality industry with the launch of two brands ‘Vividus & MySpace’ simultaneously under Great Destinations Hotels and Resorts."
Great Destinations’ have two categories of hotels. The brand, Vividus caters to the premium segment. Vividus is meant for the young, tech-savvy and trendy traveller. The other three associate brands under ‘MySpace’ product focuses on a light- on-the-pocket service with world-class amenities and 10 other hotels that will come up by end of 2020 have been targeted at the budget traveller.
By the end of FY 2020-2021, the GD group is looking at establishing 14 properties under its portfolio. “A majority of these additions will be either through franchisees, managed or leased & managed options for which we are in discussion with various stakeholders,” Mr Balaji said.
The company is keen on a rapid growth trajectory and looking at growth from both the models- managed as well as franchised, and expansion plans follow with 40 hotels within a span of five years or less.
The group has identified Tier I & II cities like Jaipur, Srinagar, Mysore and many more where demand is growing in terms of tourist destinations. It is already in the process of identifying units in Heritage sites, pilgrimage cities and in towns known well known for a particular business. The MySpace properties which are already in the pre-opening stage are MySpace Air Avenue & Suites, MySpace Champion Gateway, MySpace Dhruva Comforts & MySpace Cresto Rooms.