EM­BASSY GROUP TO IN­VEST RS1,350 CR IN NEW HO­TELS

HT Estates - - HTESTATES - Press Trust of In­dia ht­es­tates@hin­dus­tan­times.com

NEWDELHI: Re­alty firm Em­bassy group­will in­vest Rs1,350 crore to de­vel­op­fournewho­telsinBen­galuru 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, hasal­ready­ro­pe­din global hos­pi­tal­ity ma­jorHil­tonto 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,” Em­bassy­group­pres­i­dent, hos­pi­tal­ity busi­ness, Sar­taj Singh told PTI. The com­pany is de­vel­op­ing four newho­tels com­pris­ing 1,120 keys, which will take the to­tal num­berof­room­sto1,700-1800, he added. Asked about the in­vest­ment, Singh said it would be around Rs1,350 crore and the same would be funded through in­ter­nalac­cru­als. Th­e­se­fournew 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.The300-roomHil­to­nandthe 200-room Hil­ton Gar­denInn will of­fer twod­if­fer­ent price points to cor­po­rate users. Em­bassy­group had ear­lier signed the first du­al­branded 620-keys twin ho­tels at Em­bassy Many­ata Busi­ness Park. Singh said the four dual brand­ed­ho­tel­swillal­so­have­con­ven­tion cen­tres. Em­bassy­group hast­wo­op­er­a­tional­ho­tels—‘Hil­ton Ban­ga­lore Em­bassy Golf Links’ hav­ing around 250 keys and Le Meri­dien ho­tel with 200 keys. Em­bassy­group’sCMDJitu Vir­wani said: “Us­ing Em­bassy’s proven­ex­per­ti­sein­pro­ject­de­vel­op­ment, 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 has­de­vel­oped over 45 mil­lion sq. ft of prime com­mer­cial, res­i­den­tial and re­tail space in In­dia.

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