Kamat Hotels Shares Rally Nearly 5% as Ayodhya Expansion Beckons Tourism Boom

Dhaneshwar Prasad

Wednesday, Kamat Hotels said it would open three new hotels in Ayodhya to take advantage of the growing number of religious tourists. On Thursday, the company’s stock price went up almost 5%. As of 2:00 PM on January 11, 2024, the stock was traded at Rs 285.75, up Rs 13.30 from the last close.

As Ayodhya gets ready for the big Pran Pratishtha event on January 22, 2024, the town’s tourist and hotel business is expected to go through the roof.

The once-in-a-lifetime ceremony will mark the end of years of court fights and work by many Hindu groups to build the famous Ram Mandir.

As thousands of pilgrims and tourists prepare to visit Ayodhya for the celebrations, hotel chains like Kamat Hotels see a big chance to grow in the city.

Kamat Targets 3 New Ayodhya Hotels

Vithal Kamat, Chairman of Kamat Hotels, said that the company will open an IRA by Kamat hotel with 50 rooms this month. After this, two more properties in Ayodhya will be sold.

“Next month, a hotel will open in Ayodhya.” There are plans to open two or three more hotels there soon. Kamat told us in an exclusive chat that the first hotel will only serve vegetarian food.

To accommodate the growing number of tourists, the new hotels will have banquet rooms, restaurants on the roof, and other features.

Read More: This Ayodhya-Linked Hotel Stock Surges 20% Today Ahead of Ram Mandir Ceremony

Kamat Group’s Legacy Fuels Expansion

Kamat Hotels has been around since 1986 and is part of the Kamat Group, which has been around for 80 years and owns hotel chains, clubs, resorts, and heritage hospitality sites all over India.

Because the group has been running hotels successfully for more than 35 years, it is well-equipped to take advantage of the Ayodhya chance. Its most famous five-star name, “The Orchid,” is very popular both in and outside of China.

In addition to hotels, the Kamat Group also runs well-known restaurants with names like Kamat Bugle Rock Bar + Restaurant that serve Udupi food like idlis, dosas, vadas, and bhajjis.

Read More: Ayodhya 2.0: Ram Mandir Town Turns Real Estate Goldmine

Outlook: Ayodhya to Supercharge Growth

Shares of Kamat Hotel went up sharply as investors were excited about the upcoming growth in Ayodhya, which would happen just in time for the huge Pran Pratishtha celebrations.

Millions of extra people will visit the Ram Janmabhoomi temple every year on important Hindu holidays. This means that the company will continue to grow in this religious tourist hub for a long time.

Ayodhya could become one of Kamat Hotels’ main sources of income in the future if it can get a first-mover edge and grow faster than its competitors.

Share This Article
Former Sony professional turned multi-business owner and stock investor, Dhaneshwar leverages his MBA to produce market, IPO and biz content and personal investments on Indimarket.in.
Leave a comment