India's first Ritz-Carlton branded hotel is set to receive guests by April 2012. The 250-room five-star luxury hotel is being developed by Bangalore-based BSE-listed realtor Nitesh Estates Ltd. Work on the hotel is in fairly advanced stages and the asset owning company intends to hand it over to the Ritz-Carlton pre-opening team by the year end or max by January 2012.
Ritz-Carlton is Marriott International's luxury hotel brand which is currently operational in 76 locations across the globe. The hotel has been developed under a special purpose vehicle (SPV) wherein Citi Properties (now Apollo Global Management Ltd) had acquired 74% stake investing to the tune of $100 million back in 2007-8.
Nitesh Estates on its part (26% stake) has already pumped in around Rs85 crore and another Rs30 crore will be invested over the next two quarters to complete the project. The overall cost of developing the property, according to company management is around Rs 680 crore.
Once operational the hotel will also feature a designated retail area housing a host of domestic and international luxury brands.
Among Nitesh’s other hospitality development include another high-end luxury hotel in Chennai which has signed with Ritz-Carlton as well and it will be India's second such branded property when operational. Another hotel property is expected to come up at Kochi for which Nitesh Estates is believed to have approached ITC for a possible association in addition to other hotel management companies.
On the Chennai development, being a chunky one and the overall project cost is likely to be Rs 400-800 crore or more depending on how the entire development evolves. Industry sources however, said that the Chennai land parcel is facing some legal hurdles and hence will take more than expected time to start work.
The Ritz-Carlton, Bangalore will offer several restaurants, extensive meeting and events space, a luxurious spa and outdoor swimming pool, and an entire floor dedicated to high-end retail store boutiques. In addition to spacious rooms and suites, the hotel will include The Ritz-Carlton Club, a private floor accessible only by elevator key and offering light fare and dedicated concierge service throughout the day.
The Ritz-Carlton Hotel Company, LLC of Chevy Chase, Md., (USA) is an independently operated division of Marriott International, Bethesda, Md.
Ritz-Carlton is Marriott International's luxury hotel brand which is currently operational in 76 locations across the globe. The hotel has been developed under a special purpose vehicle (SPV) wherein Citi Properties (now Apollo Global Management Ltd) had acquired 74% stake investing to the tune of $100 million back in 2007-8.
Nitesh Estates on its part (26% stake) has already pumped in around Rs85 crore and another Rs30 crore will be invested over the next two quarters to complete the project. The overall cost of developing the property, according to company management is around Rs 680 crore.
Once operational the hotel will also feature a designated retail area housing a host of domestic and international luxury brands.
Among Nitesh’s other hospitality development include another high-end luxury hotel in Chennai which has signed with Ritz-Carlton as well and it will be India's second such branded property when operational. Another hotel property is expected to come up at Kochi for which Nitesh Estates is believed to have approached ITC for a possible association in addition to other hotel management companies.
On the Chennai development, being a chunky one and the overall project cost is likely to be Rs 400-800 crore or more depending on how the entire development evolves. Industry sources however, said that the Chennai land parcel is facing some legal hurdles and hence will take more than expected time to start work.
The Ritz-Carlton, Bangalore will offer several restaurants, extensive meeting and events space, a luxurious spa and outdoor swimming pool, and an entire floor dedicated to high-end retail store boutiques. In addition to spacious rooms and suites, the hotel will include The Ritz-Carlton Club, a private floor accessible only by elevator key and offering light fare and dedicated concierge service throughout the day.
The Ritz-Carlton Hotel Company, LLC of Chevy Chase, Md., (USA) is an independently operated division of Marriott International, Bethesda, Md.
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