Ireo to invest Rs 3,800 cr on Hyatt-branded hotel, residences
Feb 24 2013 , New Delhi
"We have entered into management agreements with Hyatt Hotels Corporation for branded 'Grand Hyatt' residences and a 'Grand Hyatt' hotel in our large township project in Gurgaon. The project cost will be between $650-700 million," Ireo's Senior Vice-President (Hospitality) Pankaj Dugar said.
The company has already raised $2 billion since 2004 for developing realty projects in India.
It would invest part of this fund and raise some debt to finance the 29-acre project that comprises 265 branded homes, 460 rooms luxury hotel and 4 lakh sq ft office space and 3 lakh high-street retail. This project is part of Ireo city in Gurgaon.
Dugar said the company has also tied up with London-based Foster+Partners for doing the architecture of the project and Tony Chi for interior designing.
The price of the branded residential units will be a minimum of Rs 12 crore. The size of the units would range from 4,600 sq ft to 10,000 sq ft. The project is expected to be operational in 2017.
As per the terms of the management agreement, Hyatt Hotels Corporation will manage the residences and the 460-room hotel property and will provide services and facilities.
On being asked if Hyatt group was looking at any more such partnerships in India, Hyatt Hotels Corporation Global Head (Residential Development) John M Burlingame said: "We are always looking at opportunities for the growth of the company."
Chicago-headquartered Hyatt Hotels Corporation now manages 10 hotel properties in India. But this is the hospitality chain's maiden entry into managing the branded residences segment in the country.