Following is an excerpt from a report in Telegraph.

Peerless Hotels is looking for land to set up four-star facilities in Bhubaneswar, Noida and Navi Mumbai, according to a senior official of the company.

“Our negotiations with the Orissa government for the Bhubaneswar project are at an advanced stage, and if we get the land that we have chosen, the construction of the 80-room hotel will start in another one year,” Peerless Hotels chief executive officer Kunal Sen said.

… “The setting up of a four-star hotel with 80-100 rooms entails an investment of between Rs 75 crore and Rs 95 crore, including land cost that may be between Rs 15 crore and Rs 35 crore depending on location,” Sen said.