EMBASSY GROUP TO INVEST RS1,350 CR IN NEW HOTELS
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.