Kolkata, Aug 3 (IANS) Hospitality major EIH Ltd. will reopen The Oberoi New Delhi in April 2018 after the completion of renovation and refurbishment at an estimated cost of Rs 500 crore, a top company official said on Wednesday.
"It is an old property and renovation was required. No new rooms will be added to it. The property will be re-opened in April 2018," said company's MD and CEO Vikram Oberoi.
The hotel that was closed on April 1, 2016 for major renovation and refurbishment provided revenue of approximately Rs 190 crore and a profit of Rs 62 crore in 2015-16.
"The cost of renovation will be approximately Rs 500 crore," Oberoi said.
The hotel, which opened in 1965, needed extensive work to protect against a risk of declining market share and to ensure a future leadership position in the national capital, the company official said.
According to the official, the profits from the revenue were gradually coming down over the years.
"The property was outdated, customers were demanding more and more facilities, so to make it competitive in the market, we had to close it down for renovations and refurbishments," said company's Executive Chairman P.R.S. Oberoi.
