EMBASSY GROUP TO INVEST RS1,350 CR IN NEW HOTELS
NEW DELHI: Realty firm Embassy group will invest Rs1,350 crore to develop four new hotels in Bengaluru as part of its expansion plan in hospitality business.
Bengaluru-based Embassy group, which is a leading player in commercial real estate in the country with huge portfolio of office assets, has already roped in global hospitality major Hilton to manage these hotels. “We have two operational hotels with around 450 keys and a Four Seasons hotel having 220 keys will open by August this year,” Embassy group president, hospitality business, Sartaj Singh told PTI. The company is developing four new hotels comprising 1,120 keys, which will take the total number of rooms to 1,700-1800, he added. Asked about the investment, Singh said it would be around Rs1,350 crore and the same would be funded through internal accruals. These four new hotels would be operational by 2022.Global private equity major Blackstone is also a partner in some of the hotel projects. Last week, Embassy group tied up with Hilton for 500-room dualbranded hotel featuring Hilton Hotels & Resorts and a Hilton Garden Inn hotel. These two hotels will be located within the 100-acre Embassy Techvillage Business Park in south Bengaluru.the 300-room Hilton and the 200-room Hilton Garden Inn will offer two different price points to corporate users. Embassy group had earlier signed the first dualbranded 620-keys twin hotels at Embassy Manyata Business Park. Singh said the four dual branded hotels will also have convention centres. Embassy group has two operational hotels—‘hilton Bangalore Embassy Golf Links’ having around 250 keys and Le Meridien hotel with 200 keys. Embassy group’s CMD Jitu Virwani said: “Using Embassy’s proven expertise in project development, we are focused on delivering landmark hotels that will provide an elevated service for our corporate occupiers within their work environment.”
Embassy is one of the leading property developers in India. It has developed over 45 million sq. ft of prime commercial, residential and retail space in India.