Royal Orchid plans 5-6 new hotels by FY17; stock spikes 11 %

Hotel chains major, Royal Orchid in an important development informed of adding around 5-6 more hotels by the end of current fiscal. With addition of new hotels, the company will reach 50 hotels very soon.

Royal Orchid currently operates 37 hotels in and around the globe. The Hospitality company has been aggressive with its expansion plans with foray into international markets and newer geographies with an intent to push growth. Royal Orchid Hotels is among India's fastest growing hospitality chains.

Reacting to these developments shares of Royal Orchid Hotels have spiked up in trade to hit an intra-day high of Rs 75.95 on NSE i.e up 11 per cent in trade before cooling down. Company's stock has given returns of more than 50 per cent from a yearly stand point reflecting an improving business condition and shareholders continued faith in the management.