Lav­ish ser­vice apart­ments

The As­cott Ireo City Gur­gaon will of­fer 220-ser­vice apart­ment units in the con­fig­u­ra­tions of stu­dio, 1-BHK and 2-BHK, out of which 160 will be ser­viced res­i­dences.

TravTalk - India - - Hotels -

We are pos­i­tive about ser­vice apart­ment and mid-mar­ket ho­tel space in In­dia in the long-term mar­ket

Pankaj Dugar

Head-Hos­pi­tal­ity, Ireo We have six un­der de­vel­op­ment properties and two op­er­a­tional properties in In­dia at the mo­ment

Al­fred Ong

MD, Strate­gic De­vel­op­ment, The As­cott

Bet­ting

big on the hos­pi­tal­ity sec­tor of the coun­try, Pankaj Dugar, Head­Hospi­tal­ity, Ireo is con­fi­dent about the mid-mar­ket ho­tel space in In­dia. “Hos­pi­tal­ity busi­ness is a cycli­cal one at the macro level, but there are so many mi­cro-mar­kets in In­dia which are un­tapped. When­ever there is an in­crease in sup­ply in the short term, oc­cu­pancy will take a hit. But this gets rec­ti­fied in the long term. An ex­am­ple of this would be the Mum­bai hos­pi­tal­ity mar­ket where from 2003-09, there was tremen­dous in­crease in sup­ply. How­ever, de­mand nec­es­sar­ily did not wit­ness a drop and oc­cu­pancy never dipped. Thus, the out­look needs to be for long-term. In short term, this in­dus­try will al­ways see chal­lenges. Over­all, we are pos­i­tive about ser­vice apart­ment and mid­mar­ket ho­tel space in In­dia in the long term mar­ket,” Dugar said, while an­nounc­ing the com­pany’s hos­pi­tal­ity tie up with As­cott for man­ag­ing the pro­posed ser­vice apart­ments pro­ject in the up­com­ing 700-acre in­te­grated Ireo City de­vel­op­ment pro­ject in Sec­tor 59 in Gur­gaon.

The As­cott Ireo City Gur­gaon will of­fer 220-ser­vice apart­ment units in the con­fig­u­ra­tions of stu­dio, 1-BHK and 2 BHK, out of which 160 will be ser­viced res­i­dences, and the re­main- ing 60 will be pri­vate res­i­den­tial apart­ments. The com­pany had also signed a pact with Hy­att Ho­tels for Grand Hy­att Ho­tel and Res­i­dences for the Ireo City com­plex ear­lier this year. As­cott Ireo City Gur­gaon will be the fourth hos­pi­tal­ity in­vest­ment by the real es­tate com­pany. The other projects in­clude the Grand Hy­att mix use pro­ject in Gur­gaon, first branded club in Lud­hi­ana in part­ner­ship with Angsana and a ho­tel and branded res­i­dences in North Goa with Banyan Tree Ho­tels.

Talk­ing about the new de­vel­op­ment, Dugar in­formed, “De­spite phe­nom­e­nal com­mer­cial ac­tiv­ity in and around Gur­gaon, there is a dearth in terms of qual­ity ser­vice apart­ments for longstay guests in the city. Cur­rently, the mar­ket is un­der­served and we see a huge op­por­tu­nity in that space. Thus, this will mark the en­try of Ireo into lux­ury ser­vice apart­ment space. Ireo will be de­vel­op­ing the pro­ject with tech­ni­cal as­sis­tance from As­cott, which will man­age th­ese apart­ments. Th­ese are ex­pected to be­come op­er­a­tional by 2016 end or 2017 be­gin­ning.”

The world’s largest in­ter­na­tional ser­viced res­i­dence owner- op­er­a­tor, Sin­ga­pore- based As­cott now has a to­tal of eight properties in In­dia. “We have six un­der de­vel­op­ment properties and two op­er­a­tional properties – Ci­tadines Rich­mond Ban­ga­lore and Somerset Green­ways Chen­nai in In­dia at the mo­ment,” Al­fred Ong, MD, Strate­gic De­vel­op­ment, The As­cott added.

Al­fred Ong, MD, Strate­gic De­vel­op­ment, As­cott (Left) and Pankaj Du­gar, Hospitality Head, Ireo at the press con­fer­ence

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.