hotels/ resorts

A new 5 star hotel to come up at Prabhadevi

by Paul Joseph August 11, 2010

A new five star landmark will soon come up in central Mumbai at Prabhadevi. A new , sea facing hotel with 84 business centres and 320 guest rooms is soon to come up on 5.3 acres of plot once occupied by  the Hindustan Spinning and Weaving Mill. This will be the first hotel in Mumbai , which would also provide about 630 service apartments for its’ clientele. With a  project worth about 522 Cr, the hotel shall be one of the biggest hospitality projects in Mumbai. The project shall be developed  by Ackruticity group. It will be the third five star hotel in central Mumbai after the ITC Grand Central at Parel and Four Seasons Hotel at Worli. Source:http://www.accommodationtimes.com/property-rates/a-new-5-star-hotel-to-come-up-at-prabhadevi/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+AccommodationTimes+%28Accommodation+Times%29 Filed under: Builders/ Developers , Hotels/ resorts , Mumbai Tagged: 5 star hotel , Mumbai , Prabhadevi

Tagged as: builders/ developers, hotel, hotels/ resorts, mumbai

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Best Western India to open five franchise properties by end of August 2011

by Paul Joseph August 9, 2010

Best Western India will open five franchise properties in Gurgaon, Goa, Ajmer, Delhi and Ahmedabad by end of August 2011. All the five hotels are under construction, however, the Gurgaon and Goa property are expected to be operational by September 2010. Besides, the Ajmer, Delhi and Ahmedabad properties are expected to open in a year’s time. Of the upcoming properties, Delhi hotel will be the Best Western Premier Hotel. Speaking exclusively with Hospitality Biz about the development, Sudhir Sinha, President and Chief Operating Officer, Best Western India said, “All the upcoming properties are under construction and we have consciously  decided on this part. If the owner is associated with us from the beginning, it is easier for us to set the property as per our standards and hence there is scope of any amendments and changes if required.” Best Western India has recently signed a Best Western Premier in Mohali, Punjab. The company is scouting for locations in Source:http://www.hospitalitybizindia.com/detailNews.aspx?aid=8749&sid=1 Filed under: Ahmedabad , Builders/ Developers , Goa , Hotels/ resorts , New projects Tagged: Ahmedabad , Ajmer , Best Western Premier Hotel , Delhi , Goa , Gurgaon , hotels

Tagged as: ahmedabad, delhi, hotels, hotels/ resorts

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Oriental Hotels on expansion mode

by Paul Joseph July 29, 2010

Chennai-based Oriental Hotels Ltd is planning to expand its footprint by adding more hotels. The company will add two more properties to its existing eight in the next two years, when its total room inventory will be 1,250. Currently, the company’s eight properties are managed by Taj. The proposed properties in Coimbatore and Bangalore will also be managed by Taj. While the Coimbatore property, which is likely to be up and running in the next few months, will have 180 rooms; its property in Bangalore will have 200 rooms and will come under the ‘Gateway’ — the mid-market brand of Taj. Besides, Oriental Hotels is also in the process of renovating and upgrading its hotels in Chennai — Taj Coromandel and Taj Fisherman’s Cove. The company has invested Rs 178 crore in the last of couple of years for the ongoing renovation and expansion and has committed another Rs 160 crore over the next two years. Recently, the company acquired a 126-room property in Thiruvananthapuram as part of its upper upscale category hotel. Over a period of time, the company also has accumulated six acres in Sriperumbudur near Chennai, four acres in Mysore and six acres in Gundu Island off Kochi, and two acres in Coonoor. “This lends immense potential and flexibility to our growth plans. We will unlock this at an opportune time,” says D Varada Reddy, Managing Director. The company posted a turnover of Rs 48.27 crore for the quarter ended June 30, 2010 against Rs 36.94 crore in the corresponding previous year period. Net profit was Rs 1.68 crore (Rs 0.59 crore). Source : http://www.realtyplusmag.com/rpnewsletter/fullstory.asp?news_id=9537&cat_id=1 Filed under: Bangalore , Builders/ Developers , Coimbatore , Hotels/ resorts , New projects Tagged: Bangalore , Coimbatore , hotels

Tagged as: bangalore, builders/ developers, city-trends, coimbatore, hotels, hotels/ resorts, new-projects

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Anant Raj to build five hotels in NCR

by Paul Joseph July 27, 2010

Anant Raj Industries, the infrastructure development and construction firm that focuses on the National Capital Region (NCR), is back on track with its hospitality plans following better macroeconomic trends. The company is planning to develop five hotels in 3- and 4-star categories in the coming quarters, which will either be leased out or operated by the company itself under a tie-up with hotels chains. The developer believes the improved outlook and Commonwealth Games in the national capital later in the year would increase hospitality demand further. Anant Raj had said it will invest Rs 600 crore to buy land primarily in the NCR in the current fiscal to launch different projects. It has already spent Rs 200 crore in 2010 to acquire land in Manesar and Sonepat in NCR. The company had allocated Rs 300 crore towards the execution of projects. At present, the company owns and has completed five hotels and rental income from these properties has already been started. In 2008, Anant Raj curtailed its hospitality plans due to a slowdown in the sector and allocated the funds for other projects such as special economic zones, commercial and residential projects. Source : http://www.realtyplusmag.com/rpnewsletter/fullstory.asp?news_id=9497&cat_id=1 Filed under: Builders/ Developers , Delhi , Hotels/ resorts , New projects , Noida Tagged: Anant Raj Industries , hotel , NCR

Tagged as: builders/ developers, city-trends, delhi, hotel, hotels/ resorts, industries, infrastructure, new-projects

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Sarovar Hotels to invest Rs 70 crore for 2 more hotels in Gujarat

by Paul Joseph July 5, 2010

As part of its plans to double up the number of rooms across the country, Mumbai-based Sarovar Hotels Ltd. is setting up two more hotel properties in Gujarat by December 2010. At an investment of Rs 70 crore, the company is coming up with a 5-star business hotel, Park Plaza, in Ahmedabad and 3-star property, Sarovar Portico, in Rajkot. “Hospitality industry in Gujarat is mostly driven by business, followed by tourism. Therefore, we are consciously setting up properties to cater this segment. For instance, Park Plaza, which is being developed by a Delhi-based realtor, will be a dedicated 5-star budget hotel in Ahmedabad with almost 100 rooms. Meanwhile, we are also scouting for land in cities like Vadodara and Surat for our other hotel brands,” said Anil Madhok, managing director of Sarovar Hotels. While the company will be doubling the number of hotels in Gujarat to 200 by year end, Sarovar Hotels will continue to expand its operations for the next couple of years. “Even in others parts of country, we are rapidly opening up new properties. In the next few months, hotels in Jaipur, Chennai and Chandigarh will be opened soon,” Madhok said. From 45 hotels under brands like Park Plaza and Park Inn, under its tie up with Carlson Hotels, and Sarovar Portico, Sarovar Premium and Hometel, Sarovar Hotels is aiming to expand to 75 in the next couple of years. “By the end of the next calendar year, we hope to expand from current 3,300 rooms to over 6,000 rooms across the country,” Madhok added. While the new hotel properties are being developed and managed by Sarovar Hotels itself, the company also managed properties for other developers where it has earned revenue in terms of fees of Rs 700 crore for the financial year 2009-10. Source : http://www.business-standard.com/india/news/sarovar-hotels-to-invest-rs-70-crore-for-2-more-hotels-in-gujarat/400322/ Filed under: Ahmedabad , Hotels/ resorts , New projects Tagged: Ahmedabad , hotel , Rajkot , Sarovar Hotels Ltd

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Ashiana plans retirement resort at Lavasa

by Paul Joseph June 21, 2010

Real estate firm Ashiana Housing is planning to foray into west India with Ashiana Utsav, ¬ a chain of retirement resorts. Recently, after setting up two retirement resorts in Bhiwadi and Jaipur, Ashiana has moved to western India to set up a 30-acre retirement resort in Lavasa with 475 units. Ashiana’s target is to bring retirement resorts to at least 10 locations by 2013. Ashiana will move to southern part of the country to explore the possibility of setting up retirement resorts in key cities of south India such as Chennai, Coimbatore, Kochi and Bangalore. It also intends to set up retirement resorts for senior citizens in other cities such as Mumbai and Pune. Already, a popular concept in the west, the trend of retirement communities is getting an acceptance in Indian market. According to the company, cities such as Pune, Mumbai suburbs, Goa, Kochi, Bangalore, Chennai, Hyderabad, Mysore and Coimbatore are the upcoming destinations for setting up retirement homes in the country. Vishal Gupta, joint managing director, Ashiana Housing, said, “We understand the problems senior citizens go through and that’s why we tried to give them each and every comfort, whether it’s about their leisure or about their important necessities. The business world has two coins – cash and experience; where most of the marketers focus on first cashing in on their product before giving the feel or the experience, Ashiana’s philosophy is somewhat different. Give the experience first, the cash will come later. This is the mantra of Ashiana group giving coveted experience to their customers.” The resorts are planned keeping in mind the requirements of senior citizens. It caters to various needs of the residents like wheel chair-friendly campus, security, social, medical, spiritual and recreational facilities besides club, swimming pool, badminton court and gymnasium. It also includes an activity centre surrounded by the lush green lawns, convenience store, library, TV hall, internet café, auditorium, card room, hobby rooms and table tennis room. The interiors of the units are also specially designed to cater to the needs of the senior citizens. Emergency switches at different places, in-built night lamp, smooth corners, matt finish and anti-skid tiles within the units are just some of the unique features. The bathrooms are specially equipped with gab rails, and arthritis-friendly handles. The USP of Utsav Retirements Resorts is that they are managed and maintained by inhouse facility management arm of Ashiana Group to ensure every best possible comfort to the residents. Doctors, taxi, drivers and maids are available on call. Source : http://www.realtyplusmag.com/rpnewsletter/fullstory.asp?news_id=9092&cat_id=1 Filed under: Bangalore , Builders/ Developers , Chennai , Cochin , Coimbatore , Hotels/ resorts Tagged: Ashiana Housing , Bangalore , Chennai , Coimbatore , Kochi , Lavasa , Resort

Tagged as: bangalore, chennai, coimbatore, experience, hotels/ resorts, kochi, requirements, swimming-pool

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‘Base rate will help new home loan borrowers’

by Paul Joseph June 18, 2010

June 18, 2010 Implementation of the new Base Rate system to calculate lending rates could bring in more transparency for new home loan borrowers. But interest rates for old borrowers may still not get aligned to those offered to new borrowers, said a report by rating agency, ICRA. However, implementation of any such regulatory initiative could impact the profitability of mortgage lenders severely. According to the report, issued on Wednesday, over 90 per cent of all mortgage loans are estimated to be at floating rates of interest. Therefore, the average yield on advances on the overall book should be closely linked to the interest rates offered to new borrowers. However, this is not the case, as the current system of Prime Lending Rate is non-transparent and somewhat inflexible in a scenario of declining interest rates. Therefore, an existing borrower with a clean track record and substantial equity build-up may end up paying a higher rate of interest (by 1.5-2 per cent) than a new borrower, the report said. “The domestic mortgage market still lacks a transparent “benchmark rate for variable rate loans,” ICRA said. Credit growth in the mortgage finance market improved to 13 per cent in 2009-10 from 10 per cent in the previous fiscal. Credit growth in the Indian mortgage finance market improved to 13 per cent in 2009-10 from 10 per cent in the previous fiscal due to factors such as a healthier operating environment, expectations of appreciation in property prices, and attractive interest rate schemes offered by banks and housing finance companies (HFCs). Vibha Batra, senior vice-president, co-head, Financial Sector Ratings, said, “HFCs continue to maintain superior asset quality vis-à-vis public sector banks (PSBs). The top five PSBs had a gross non-performing percentage of 2.6 per cent in their housing finance book as on March 31, 2010, against which HFCs had 0.9 per cent. However, a shift in the credit mix of some HFCs towards riskier segments could lead to an increase in fresh slippages and, therefore, credit costs from the currently low levels.” Source : http://www.realtyplusmag.com/rpnewsletter/fullstory.asp?news_id=9061&cat_id=2 Filed under: Hotels/ resorts Tagged: Home loans

Tagged as: home-loans, hotels/ resorts, housing, indian, per-cent, report

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Zuri Hotels to expand, focus on business hotels

by Paul Joseph June 18, 2010

Bangalore-based hospitality chain Zuri Hotels & Resorts is turning its focus to business hotels. The company, which at present owns four hotels and resorts in India, is looking to set up another two business hotels citing better returns. “As part of the Zuri brand, we will set up two business hotels — one in Bangalore and the other in Nairobi, Kenya. Work on the Bangalore property will start soon and is likely to be completed by 2012. The Nairobi property is expected to become operational by the end of 2011,” said Priti Chand, AVP, marketing communications of the company. Zuri is putting in an investment of Rs 200 crore each in these properties, she added. “Compared to resorts and luxury hotels, business hotels provide for a better return on investments and therefore, our new strategy involves focusing more on business hotels,” Chand said. With the recessionary phase being over, the company has entered hospitality management space under the name Zuri Hospitality Management Services wherein it manages hotels under the Zuri brand, as a part of its expansion plan. Chand said that Zuri is looking to manage at least five such hotels annually and this management contract model will allow the company to rapidly build a presence in more global cities. Meanwhile, the hotel chain, which is witnessing about 20 per cent rise in its occupancy rates at its Goa and Kerala resorts following the market revival, is also looking to add capacity to its resort in Goa. “We are awaiting government approval, following which we will add another 100 rooms,” she added. Zuri Group’s current turnover stands at Rs 100 crore in India and Rs 120 crore internationally. Outside India, the company has properties in Kenya and UK. Source : http://www.realtyplusmag.com/rpnewsletter/fullstory.asp?news_id=9057&cat_id=1 Filed under: Bangalore , Builders/ Developers , Hotels/ resorts , New projects Tagged: Bangalore , hotels , Zuri Hotels

Tagged as: bangalore, hotels, hotels/ resorts, management

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Nagarjuna arm enters hospitality business

by Paul Joseph June 9, 2010

Infrastructure major Nagarjuna Construction Company (NCC) is entering the hospitality sector in a big way. Its subsidiary NCC Urban Infrastructure Ltd (NCCUIL) is adding hotels, resorts and serviced apartments to its offering of real estate developments which includes residential and commercial complexes, townships and special economic zones, according to a report published in DNA. All the hospitality developments by the subsidiary would be under the Nagarjuna brand. The subsidiary’s hospitality debut is a serviced apartment, which is coming up in the heart of Bangalore’s IT corridor on the Panathur Main Road. The property, christened Nagarjuna Suites, is currently in the soft launch phase and would be officially launched this month. The company, which intends to have a pan-India presence for its hospitality business, has identified quite a few sites which are part of the land bank already with the promoters. These include sites in Chikmagalur, Kochi, Pune and two more projects in Bangalore. The company is planning to invest Rs 250-300 crore across four developments to start with. The international standard resort at Chikmagalur will cost around Rs 125 crore while the cost for Nagarjuna Suites is pegged at around Rs 40 crore. The two hotel developments at International Tech Park, Bangalore (70 rooms), and Koramangala (70 rooms) are likely to entail an investment of over Rs 100 crore. The NCCUIL management is understood to be negotiating for a Ramada brand for the Koramangala hotel. “The hospitality plans are moving out of the drawing-board stage. Chikmagalur will likely be a resort while other locations will be a mix of hotel, resorts and serviced apartment developments,” said Javed Kunnibhavi, general manager, Nagarjuna Suites. “The positioning of Nagarjuna Suites is in the three-star category with an inventory of 85, one and two BHK serviced apartments ranging 500-800 sq ft. We are in the final leg of officially launching the property. The rates decided are Rs 3,000 to Rs 4,500 plus taxes for the basic category,” said Kunnibhavi. The serviced apartment will target corporates from multinational companies operating in the vicinity including those from Intel, Honeywell, Accenture, Cisco, Aricent, Nokia and JPMorgan. For the first month, Kunnibhavi is targeting occupancy of around 22- 25 per cent and will look to grow this number month-on-month by 10 per cent at least. “November onwards we should have over 60 per cent average occupancy levels. By next year the same will be over 80 per cent with increased revenue per available room,” he said. Source : http://www.realtyplusmag.com/rpnewsletter/fullstory.asp?news_id=8918&cat_id=1 Filed under: Bangalore , Builders/ Developers , Cochin , Hotels/ resorts , New projects , Pune , Serviced apartments/offices Tagged: Bangalore , Chikmagalur , hotels , Kochi , Nagarjuna Construction Company (NCC) , pune , Resorts , serviced apartments

Tagged as: construction, hospitality, hotels/ resorts, new-projects, real estate, urban

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Best Western plans 14 more hotels by 2012

by Paul Joseph May 29, 2010

Best Western India (BWI), a part of global hotel chain Best Western International, is looking to expand its presence in the mid-market segment. The company, which has 10 hotels in India at present, will set up an additional 14 hotels by 2012. The company, present in India since 2007, operates on a franchisee model and will come up with new properties in Ahmedabad, Ajmer, Mohali, Bhubaneshwar, Hyderabad and Bangalore among other cities. “The mid-market hotel segment which we cater too is witnessing acute shortage of rooms. As of now, there are about 20,000-odd rooms in this segment and the requirement is double this number. We are here to cater to this huge demand supply gap,” Sudhir Sinha, president & COO, Best Western India, said. He added that of the 14 hotels under construction, the majority will be completed by the end of this year, while the rest will come up by 2012. Sinha feels that the in ternational branding will help the company rope in more customers. “As the Indian hotel market matures, the supply and demand of hotel rooms will become more balanced. Revenue and profitability of hotels will be increasingly determined by the quality and level of services. Thus, hotels that invest in servicing and branding will be better positioned to compete in the future,” he said. Speaking about the company’s operational model, Sinha said Best Western has consciously opted for the franchisee model, as it will help them attain scalability and expand faster. Globally, the US-based parent manages 4,200 hotels across 80 countries with major presence in the US and Europe. It is now witnessing a rapid expansion in Asia. Source:http://www.realtyplusmag.com/rpnewsletter/fullstory.asp?news_id=8793&cat_id=1 Filed under: Ahmedabad , Bangalore , Builders/ Developers , Hotels/ resorts , Hyderabad , New projects Tagged: Ahmedabad , Ajmer , Bangalore , Best Western India , Bhubaneshwar. , hotels , Hyderabad , Mohali

Tagged as: ahmedabad, bangalore, builders/ developers, city-trends, hotels/ resorts, hyderabad, indian, new-projects

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