Pride Hotels plans to add 4,140 rooms in 12-24 months; targets 10,000 keys by 2030

IPO-bound Pride Hotels is planning to add nearly 4,140 rooms over the next 12-24 months, taking its combined operational portfolio and development pipeline to around 7,341 rooms across 90 properties. This would represent an increase of about 129% over its existing operational inventory of 3,204 rooms.

The mid-market to upscale hospitality chain is also lining up capital expenditure of ₹350–400 crore over the next two to three years, industry sources familiar with the plans told Fortune India.

The expansion is part of the Mumbai-based hospitality chain’s longer-term ambition to reach 10,000 rooms, including its pipeline, by 2030. Pride Hotels plans to pursue this target through a combination of owned-property development, management contracts, long-term leases and selective acquisitions.

The company currently operates through three models: owning and running hotels, managing properties on behalf of owners, and taking hotels on long-term leases. While management contracts offer an asset-light route to expansion, Pride does not intend to move away from owning properties.

The company has around 1,200 rooms in owned properties, with the balance of its portfolio largely under management contracts. It is planning to add 150 rooms at its Nagpur hotel, using internal accruals, and is developing a property on land it owns in South Goa. It is also looking to deepen its presence in markets where it already operates while entering new locations.

The company operates four brands: Pride Plaza in the upscale category, Pride Premier in the upper-midscale segment, and Pride Elite and Biznotel by Pride in the mid-scale category. It also has more than 50 food and beverage outlets and around 3.5 lakh sq. ft. of banquet space.

IPO may hit street by the end of Dec

Pride Hotels is preparing to launch its initial public offering (IPO), potentially by end of this year, with the issue expected to be around ₹1,000 crore, as per the industry source. The company filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) in October 2025 and received regulatory approval on January 16, 2026.

According to the draft papers, the proposed issue comprises a fresh issue of shares worth ₹260 crore and an offer for sale (OFS) of up to 3.92 crore shares by promoters and promoter-group entities, who own 100% stake in the company.

The fresh issue proceeds will primarily fund renovation of existing hotels, repayment of borrowings and general corporate purposes.