Chototel chooses India to build its first $2 per day hotel
Industry: Real Estate
London (PRUnderground) May 9th, 2016
https://www.financialexpress.com/article/fhw/latest-updates-fhw/chototel-to-build-its-first-super-budget-hotel-in-india/251483/
By FHW Staff-Mumbai on May 9, 2016
Chototel, a London-based technology start-up, has chosen India to set up its pilot “super-budget” hotel. Hotel tariffs start at ₹100 a day and offer electricity, water, gas and social infrastructure including daycare, infirmaries and community kitchen and gardens. Through an array of Internet of Things (IoT), closed loop, real-time cash transfer, digital health and Big Data technologies, the project is able to deliver efficiencies from construction through to hotel operations and maintenance.
The first project’s construction is underway in Nagothane, an industrial town, 70 km south of Mumbai and situated on the new Mumbai-Goa expressway. The 240-room development will cater to 1,000 guests and is spread across 1.5 acres and 75,000 sq ft of constructed area. The project cost is ₹175 million, translating to a price of approximately GBP 7000 (or ₹700,000) for a room size of 290 sq ft. The project has a wide frontage on the National Highway 17 (Mumbai-Goa). The first Chototel location will target its accommodations at the large bank of industrial workers, working within a 15-km radius, and also those travelling on the Mumbai-Goa expressway.
Chototel is currently in the process of acquiring land in Chakan, Goa and Gujarat for its next round of projects in India. The company aims to build 100,000 rooms in the next five years in the Mumbai-Pune-Goa corridor.
Chris Phillips, chairman, Chototel, said, “India’s diversified economy and robust growth prospects make it the most attractive location globally to set up our first project. We believe that policy-makers will take effective action to enhance the country’s economic strength and, in turn, the financial strength over coming years. With inflation under control and the economy benefiting from lower commodity prices, demand for low-cost service products can only go up.”
Rhea Silva, managing director, Chototel, added, “The Chototel project is a technological super machine. We use innovative technologies to build, operate and manage in a way that helps us keep costs low and efficiencies high. We are committed to making India the cornerstone of our market entry strategy. Subject to the success of our early steps, we are planning to build 100,000 rooms in the next few years in India and would welcome support from regional governments.”
https://www.financialexpress.com/article/fhw/latest-updates-fhw/chototel-to-build-its-first-super-budget-hotel-in-india/251483/
About Chototel
Chototel ( www.chototel.com) is building super-budget hotels, where tariffs start from U.S. $2/day with uninterrupted electricity, water, gas and social infrastructure.
With the use of innovative technologies such as steel-framed dry construction; closed-loop, off-grid utility systems; microbots and big data processing to manage unmanned operations and billing; and real-time financial and cash transfer technologies, Chototel hotels address a hitherto underserved target market consisting of a demographic otherwise thought as market unviable.
Chototel is a member of the Social Stock Exchange, London (www.socialstockexchange.com)
