Posts filed under ‘Hotels’

Future Group Kolkata Hotel on Eastern Paper Mill property

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

Uppal developing 7 Luxury Hotels by 2010

Expanding its business in the hospitality sector, real estate firm Uppal Group plans to develop seven luxury hotels by 2010, adding about 1,400 rooms across the country.

The group today tied up with global hospitality major Marriott for developing and managing two five-star hotels, each in Gurgaon and Chandigarh, entailing a total investment of over Rs 500 crore.

“We have tied up with Marriott for two five-star hotels, which will be ready by next year. We plan to develop another five luxury hotels by 2010, with an addition of about 1,000 rooms,” Uppal Group Managing Director Manish Uppal said here.

Uppal is currently running a hotel in Gurgaon under the brand – Uppal’s Orchid.

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August 4, 2008 at 11:30 am Leave a comment

Essar for Nagpur five-star hotel for 500 crores

Essar Realty Holdings—the real estate arm of the Essar Group—has won the bid for building a Rs 500-crore five-star hotel, utility centre and a multiplex at the upcoming Multimodal International Hub Airport in Nagpur.

The realty firm has also formed a joint venture with the US-based hospitality group Accor Hospitality to develop and manage the hotel project.

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August 4, 2008 at 11:20 am Leave a comment

Future Group enters hotel business

Kishore Biyani promoted private equity firm, Future Capital Holdings (FCH), is finally stepping into the hospitality sector and is close to signing two separate deals with property owners in Kolkata and Thiruvananthapuram. FCH is also talking to a few international hotel chains for managing their hotels.

FCH’s hotels will have room capacities ranging between 125 and 200 and will typically be positioned as a 4-star category, design-led business hotels on standalone or mixed-use properties.

“The mandate to finalise prospective joint venture land owning partners has been given to a few property consultants across India,” said a property consultant. When contacted by Financial Chronicle, Shishir Baijal, managing director, Kshitij Investment Advisory, the firm that manages FCH funds, said, they are looking at a few land deals.

“But it will be too early to comment as to which locations we are trying to finalise,” he said.

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July 31, 2008 at 9:32 am Leave a comment

India to get 24 Marriott luxury hotels by 2011

International hotel chain Marriott is planning to add 24 luxury hotels comprising about 7,000 rooms by 2011 in the country as it looks to tap the booming hospitality sector.

“The country’s hospitality sector has been growing very fast, mainly due to government’s encouragement for the tourism sector. To cash in on the growth story, we will be opening 24 new hotels across the country by 2011 with an addition of about 7,000 rooms,” Marriott International Regional Vice President (Hotel Development – Indian Subcontinent) Navjit Ahluwalia said.

Marriott would have 15 hotels by the the end of 2009, he added. The company has already tied up with different developers for the hotels in various locations and all the projects are under construction, he said.

Marriott has tied up with Unitech for four hotels, Emaar MGF for two, Uppal Group for two, Mumbai-based Rahejas for two and Kanakia Developers for one hotels, which would come up in various metros, Tier I and II cities, Ahluwalia said.

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July 31, 2008 at 9:03 am Leave a comment

Royal Palms ties up with WorldHotels for Goregaon Hotel

Leading hospitality player Royal Palms has entered into a co-branding/marketing tie-up with the Germany-headquartered WorldHotels AG for its new 418-room Super Luxury Hotel coming up at Goregaon in North Mumbai.

The Palace Hotel & Towers, as it is to be called, becomes the only hotel in India to be a part of the WorldHotels and is slated to open by September 2008, a top company official said here on Sunday.

Established in 1970, WorldHotels is the largest Europe-based global group for individual and independent hotels as well as regional hotel brands.

WorldHotels manages over 500 hotels in more than 70 countries. In addition, it has 18 airline partners for offering frequent flyer benefits to its guests.

“Becoming a part of World Hotels is a major achievement for us, as also for India. The tie-up, which is under the deluxe category, wil position the Palace Hotel among global business tourists as an exclusive venue,” Royal Palms Estates Joint Managing Director Dilawar Nensey said.

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July 31, 2008 at 7:40 am Leave a comment

Ambuja Realty – 3 hotels in West Bengal

City-based real estate developer Ambuja Realty Development Ltd will build three luxury hotels in northern West Bengal, the company’s top official has said.

Two of the hotels would be in Darjeeling district – at Makaibari in Kurseong and Siliguri – while the third would be near Gorumara forest in Jalpaiguri district, company chairman Harshavardhan Neotia said in an exclusive interview to IANS.

The company has already acquired land for these hotels, and the project details are being worked out, he said.

“These will be luxury hotels with 30-40 rooms to begin with,” Neotia said.

The projects would be funded through both debt and equity.

The company has not been able to start the construction work yet due to the political turmoil in Darjeeling and the adjoining areas in the recent past, he said.

“The hotel in Makaibari will be located in the middle of tea gardens and enhance tea tourism in Darjeeling,” he said.

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July 31, 2008 at 7:32 am Leave a comment

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