The properties will be leased on a revenue-sharing model. Credit: Kaushik Murali on Unsplash.

Kamat Hotels India has announced the launch of a new hotel management and leasing unit, known as Ira by Orchid Hotels, Live Mint has reported.

The mid-market hotel chain will compete with names like the IHCL-owned Ginger and Red Fox from Lemon Tree Hotels, among others.

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Kamat Hotels, which is listed on the Bombay Stock Exchange, aims to open eight to ten additional properties around the country.

Apart from Mumbai and Bhubaneswar, the venture plans to focus on tier two and tier three markets, such as Sambhajinagar (Aurangabad), Nashik, Jamnagar, Bhavnagar and Dehradun. These properties will be leased on a revenue-sharing model, the report says.

The company’s portfolio comprises timeshare rentals, clubs, heritage hotels, resorts and others and in January, the company reported a total income of Rs1.45bn ($17.69m) on a consolidated basis, while its Mumbai-based VITS hotel generated a turnover of Rs356m in fiscal year 2022.

Earlier this year, Kamat Hotels India agreed to sell the VITS hotel for a sum in the region of Rs1.25bn.

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Kamat Hotels India executive director Vishal Kamat said: “We aim to continue the legacy of our brands while infusing it with a fresh and exciting energy that resonates with the aspiring India.

“The food and beverage segment is poised to play a pivotal role in shaping the identity of the brand. We recognise that the culinary experiences we offer will leave a lasting impression on our guests and contribute to their overall perception of our brand.”