Summit Hotel to Receive Rs 1.8 Billion Further Investment

18 September 2016

September 8: Summit Hotel, located at Kupondole, Lalitpur is adding Rs 1.8 billion for constructing new structure within the next two years. The hotel is a joint venture of NE Group, Chaudhary Group and IEG Group. The 83-room hotel is currently under reconsrtuction after which it will have a total of 230 rooms.

“ Rs 1.80 billion will be invested for the restructuring of the hotel,” informed Ravi Bhakta Shrestha, Managing Director of NE Group. The investment on the hotel has been increased with the increasing number of tourists arriving in the country, he added. NE Group owns 50 percent stake in the hotel. The hotel which is spread across 16 ropanis of land is managed by a team of NE Group Managing Director Shrestha and Rahul Chaudhary who represents Chaudhary Group.

Shrestha opined that the struggle faced by the Nepali tourism sector after the last year's devastating earthquake was temporary. "Nepali tourism industry will soon flourish," he said. 

As per the group, while most five star hotels were reeling under the effect of last year's events, Summit hotel, in the mean time, earned good revenue. During the time, the hotel raised its tariff rate though there was negligible decline in the occupancy of the hotel. According to Shrestha, technicians and a project team from Mumbai is working for restructuring of the hotel. Currently, the interior designing of the hotel with Nepali sytle is being carried out. 

The hotel has various facilities including bar, restaurant, business centre, outdoor pool, business saloon, conference hall and a assembly hall. The hotel is expected to generate more than 200 employments after the completition of the restructuring process.