Future Group Kolkata Hotel on Eastern Paper Mill property

August 5, 2008 at 12:00 pm Leave a comment

Kishore Biyani-promoted Future Capital Holdings has identified the Eastern Paper Mill property in Kolkata for its hotel. The company has signed a deal for mixed-use development on the 5 lakh sq ft plot.

Earlier, Financial Chronicle had reported that Future Capital’s Hotel Fund is close to signing a deal to start its hotel in Kolkata and Thiruvananthapuram. Besides these two cities, the talks are also on in cities such as Bangalore, Hyderabad, Mysore, Mumbai, Chennai, Bhubaneswar, Ahmedabad and Pune.

A property consultant involved in the deal said the market value of Eastern Paper Mill plot on Kolkata’s VIP Road could be around Rs 70-100 crore.”They plan to develop a hotel, mall and commercial place in this property,” said the official.

“This is part of their initiative to leverage their existing property,” he said. FCH Hotel Fund is in the process of tying up a master management contract with a leading international business brand to manage the business hotel portfolio.

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Entry filed under: Hotels.

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