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startup 02 Dec 2015

Pricing is done keeping in mind the target customer

In an exclusive chat with Restaurant India, Pravin Malkani, Owner at Hotel T24 Residency speaks about varieties of cuisines he is offering.

The contemporary and international Bistro and Bar at T24 Residency occupies the entire eight floor of the building and serves delicacies appropriate from Breakfast to Bar.

How and when did you decide to open a restaurant of yours? How was the investment managed?

The restaurant was planned with the idea of the Boutique Hotel.  T24 Residency is a four star Business Boutique Hotel, crafted to cater to the growing demands of business travellers and in-city suburban crowd. The investment has been managed by the family only.

What all varieties do you offer in your menu?

Our menu is a mix of European, Thai and Indian specialties. Starting from coast to terrain we believe in doing classics with a twist to keep the ethnic flavours and cuisine to its best. We believe in experimenting with the style and presentation but keep the flavours intact and classic.

Notable Wine List, International Beers, Spirits and Liqueurs, Craft Cocktails are served across two bar counters within the Bistro and in the Al fresco area. Expert bar tenders churn out classic and signature cocktails with state of the art apparatus and accessories. The food menu is created in mind with the belief that ‘old is gold’. Our expression of classic food includes serving kebabs with phyllo pastry on a stone platter to Idlis in dim sum basket, fries in egg coddler to soup in a coffee cup making the experience more appealing even with its mythology and ethnicity intact.

What are the design elements you keep in mind while designing the restaurants?

The design elements put together are an electric, earthy, casual yet classy, bespoke, retro yet modern arrangement, nostalgic and fun, quirky yet comfortable.

How do you decide on pricing keeping your target customers in the mind?

We decide pricing by keeping target audience who are working executives and corporate in the vicinity, persons who like bespoke food and cocktails and enjoy a fine dining experience.

How big this segment is? How many players are working out there?

The mid segment market is big and growing faster than any other segment in the hospitality space, even larger brands like Marriott, Sheraton and Hyatt are now focusing more on this mid segment which is now the most exiting segment. A busy traveller really does not use many of the facilities of a larger five star hotel which they end up paying for anyways and struggles to find comforts and standards they are used to at a modest two and three star properties. This is the crossover product that attempts to bridge the gap between the larger five star hotel and the two or three star segments, by offering just right services and amenities at right prices. There are several players from the international operator segment and scores of individual players who are setting up properties in this segment, with a self- operating model or with very interesting and evolving Indian operators.

What is your expansion plan?

Presently, our plan is to consolidate and grind our teeth translating our philosophy of the “customer being a guest and not a statistic” into practice. In the near future we plan to offer our operating system to other midsized properties that are probably family run and are looking for a bespoke operator. We also plan to increase our ownership portfolio of hotels going forward.

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