Provenance Land, who has Hyatt Regency hotels and Four Seasons to its credit, has recently announced its plan to raise nearly Rs 1,000 crore through private equity funds. The funds will reportedly be poured in to develop a premium office tower on a 2-acre plot in Worli, Mumbai. The total area built will be around 600,000 sq ft.
Making headlines for the largest deal in the real estate sector in recent times, the Bhasi-promoted Carnival Group in 2015 completed the acquisition of a commercial real estate project, which included Elante Mall, Hyatt luxury hotel and the office premises with a central courtyard in Chandigarh from L&T Group at a deal value of Rs 1,785 crore (read more on Top Property Deals 2015 on page 104).
Shrikant Bhasi, Chairman, Carnival Group, is all set to reach the skies. The Bhasi promoted Carnival Group recently completed the acquisition of the commercial real estate project, which includes Elante Mall, Hyatt luxury hotel and the office premises with central courtyard in Chandigarh from L&T Group at a deal value of Rs 1,785 crore; the deal is said to be the largest in the real estate sector in recent times.
Indian hospitality sector, after battling low occupancies and poor room rates in the recent years, seems set for rejuvenation with high hopes from the new government. SHRIYAL SETHUMADHAVAN explores solutions for the industry and suggestions for the policy makers.
Over the next five years, Hyatt Hotels Corporation will increase the number of hotels it operates in India manifold to 70. The US hospitality major, which signed up just ten hotels in its 30 years of existence in India, will increase focus on mid-scale properties as it speeds up its expansion in the country, Ratnesh Verma, senior vice-president, real estate and development for Hyatt International Asia Pacific, said.