Real Estate major Puravankara Group is planning to invest Rs 1000 crore on four to five hotel projects over the next one year. The company is planning to offer 600- 700 luxury rooms in these hotels at different locations. The land for the project has already been purchased by the company.

Puravankara is ready to confederate with some reputed brands to award the management contracts. The first super luxury hotel will be established in Cochin. The other locations include Chennai, Hyderabad, Bangalore and Coimbatore. Hotel industry has seen a good increase in revenues over the past 1 year. The occupancy rate has increased despite a steady rise in the hotel room tariffs. Experts believe that the industry may register a decent growth over next two quarters.

The company has recorded a net profit of Rs 63.11 crore, up by 122% as compared to Rs 28.4 Crores for the same period in the previous year. The company has registered an increase of 78% in its revenue at Rs 150.52 crore during the quarter ended December 2007 against Rs 84.35 crores for the same period a year ago.