Emaar, Marriott to invest $400 mn in hotels in IndiaApril 1st, 2008 - 7:56 pm ICT by admin
Mumbai, April 1 (IANS) Leading real estate developer Emaar MGF in collaboration with hospitality industry major Marriott International will construct JW Marriott branded hotels at a cost of $400 million or more. The three proposed JW Marriott Hotels will be located in New Delhi, Hyderabad and Kolkata.
The plan also envisages the construction of a hotel in Amritsar.
All four are scheduled for completion by 2010 end.
Talking to the media here Tuesday, Emaar MGF vice chairman and managing director Shravan Gupta said the MoUs for the New Delhi and Hyderabad projects have been signed while the projects at Kolkata and Amritsar are in progress.
Gupta said the investment could be well over $400 million.
As per the agreement, “Emaar MGF will own and develop the proposed hotels and Marriott International will play the role of an adviser and provide us with management services required for planning, design and operations”, said Gupta.
“In the next three years our plan is to have at least 912 guestrooms in the country.”
President and managing director Marriott International Edwin Fuller said: “At present we have six hotels in India and by 2011 we are expecting to operate another 19, including these.”
Giving details of the proposed projects, Fuller said while JW Marriott Delhi in Jasola will have 300 rooms, the hotels planned in Hyderabad and Kolkata will not exceed 250-room capacity. JW Marriott Hyderabad will have its own golf course.
Gupta said the hotel in Amritsar would be the city’s first business hotel, with 112 rooms, a shopping mall and a multiplex.
Asked about the plans for budget hotels, Gupta told IANS: “We are already in the process of having a tie-up with some firms to construct two-star hotels.
“This will exclusively address and cater to the segment of domestic travellers and people from the middle class economic band. The rooms will have most probably tariff in the range of Rs.2,000 or more.
“I think the work on this will also start soon. And more such ventures are being discussed and are in the pipeline.”
Tags: business hotel, domestic travellers, emaar, guestrooms, gupta, hospitality industry, hotel in amritsar, hyderabad, jw marriott, leading real estate, marriott, marriott hotels, marriott international, mgf, mous, multiplex, real estate developer, rs 2, two star hotels, vice chairman