Oriental Hotels Share Price

Oriental Hotels Limited (OHL) was incorporated in the year 1970 to establish and run world class hotels. Taj Coromandel was the first hospitality project of OHL. OHLs hotels are marketed as part of the Taj Group of Hotels. Over a period of time, OHL has established itself as a very reliable and steadily growing Hotel Company and has expanded its operations significantly. Presently the Company has seven hotels mostly in southern states and predominantly in Tamil Nadu.Promoted by the Reddy Group of South India, Oriental Hotels entered into a technical assistance and operating contract with the Indian Hotels Company (IHC). Taj Coromandel, the flagship hotel, was inaugurated in 1974. In 1975, the entire hotel was functioning with 224 guest rooms. In 1985, the company signed an agreement with Covelong Beach Hotels (India) to operate their Fishermans Cove Beach Resort in Madras. It also signed an operating contract for the Emboodhu Finolhu Island Resort, Maldives.In 1985, the company took on lease, the Malabar Hotel at Cochin which was extensively renovated and opened to guests in 1986. In 198889, the company entered into an agreement with the International Airports Authority of India to operate snackbars at Madras Airport. In Jun.93, it offered rights at a premium of Rs 60, to raise part funds required to renovate, refurbish, modernise and upgrade its hotels. In 199495, the company concluded an operating agreement with OEL International, Hongkong, to render technical services for its Chicago based hotel Executive Plaza. The US based wholly owned subsidiary was set up from proceeds received out of 30 mln GDRs issue. In 199596, the company acquired controlling stake in Coramandel Hotels. During the year 19992000, in a major restructuring exercise of international operations, the Executive Plaza Hotel, Chicago, USA was sold. OHL (HK) plans to expand by making long term equity investments in St. James Court Hotel, London, Taj Lanka Resorts Limited, Sri Lanka and Taj Maldives Pte. Ltd, Maldives.During the year 20002001, the Company continued with its plans to upgrade and modernise the facilities in all its hotels. The heritage wing at the Luxury Resort Hotel Taj Malabar after major renovation and refurbishment, covering the lobby, main block, guest rooms was commissioned in March 2001. Taj Malabar Hotel has added a Thai Restaurant as part of its new offering to the guests. The Phase II of renovation covering 15 cottages at Luxury Resort, Fishermans Cove was also completed during the year.The company has considered the proporsal of amalgamation of Covelong Beach Hotel (India) and Coromandel Hotel with the company.During the year 200203, Scheme of Amalgamation of Orient Holdings Ltd and Fishcove Leasing and Investment Ltd with the Company was approved by the Honble High Court of Judicature at Madras.During the year 2009, major renovation exercises were taken up at The Gateway Hotel, Visakhapatnam and Taj Coromandel, Chennai. The Company took on a 137room hotel in Trivandrum, which launched as Vivanta by Taj Hotel during 2010. Similarly, it renovated and reopened 2 Food and Beverage outlet in 2010. Room inventory grew by 200 RPD at Vivanta by Taj Fishermans Cove and Vivanta by Taj, Surya Coimbatore, which was opened on January 19, 2012 with 180 rooms. Besides this, the 180room hotel in Coimbatore, Vivanta by Taj Surya, was commissioned. The expansion block in Vivanta by TajFishermans Cove was completed with the commissioning of the balance 14 rooms. The South Indian restaurant, Southern Spice was renovated in 2012.During year 201213, the Ball Room complex at Taj Coromandel, Chennai was fully renovated and 7,000 Sqft. additional space was also added. A new 4,000 Sqft. Fitness Center was opened. The capacity expansion at Vivant by Taj Fishermens Cove, Chennai was completed with all the 64 new rooms made operational. Vivanta by Taj Surya, Coimbatore opened a Barbeque Restaurant and a Chinese Restaurant and Vivanta by Taj Trivandrum, opened a new (Jiva) Spa and a Chinese restaurant.The Company at its unit Taj Coromandel commissioned Jiva SPA facility costing Rs 11.58 Crores in 201415. In 201819, it sold hotel unit viz., The Gateway Hotel, at Visakhapatnam to Varun Hospitality Private Limited (VHPL) for a consideration of Rs 120.10 Crores.