Delhi-based Raheja Developers will foray into hospitality sector with the Indian Hotels Company. The realty player will develop six hotels in four years.While four of these will be business hotels in Four-Five-Star category, two will be budget hotels
Rahejas will develop only one stand-alone hotel in Gurgaon while others will be part of their shopping complexes. The investment in the 300-room stand-alone business hotel will be to the tune of Rs 150 crore (excluding land price) with an additional cost of Rs 50 lakh for furnishing.
According to sources, the group has negotiated terms for a management contract with the Taj Group to develop two hotels — a 400-room business hotel in its mall in Gurgaon and another in Panipat.Raheja’s mall in Panipat, built at an investment of Rs 100 crore, will house Taj’s budget brand Ginger. However, Mr Raheja declined to comment on the development. Ginger does not have existing property in Delhi or NCR.
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The Economic Times article.
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