Sunday, August 13, 2006
Bags five-star hotel deal
Nitesh Estates, real estate division of the Nitesh Group, has bagged a Rs.500-crore project to set up a 300-room, five-star luxury hotel in Bangalore.
The project, which marks the company's foray into the hospitality segment, is expected to commence in six months time and completed in the next 24 months.
``The hospitality sector in Bangalore is at a very critical juncture right now, with demand far exceeding the supply. The city needs more five-star facilities that will offer discerning travellers the very best in terms of amenities and facilities,'' Nitesh Estates Limited Managing Director Nitesh Shetty said.
The hotel will be located on Residency Road, in the heart of Bangalore's Central Business District. The five-star hotel will offer amenities such as luxurious rooms, spa, three to four restaurants as well as banquets facilities.
The project holds tremendous potential as the area has only few other five star hotels like, the Oberois, the Taj Group, ITC Windsor Manor, Leela Palace and the upcoming JW Marriott, he said.
Nitesh Estates is in talks with some major international hospitality chains and hotel operators for this project. It, recently, announced a two million square feet SEZ in Mangalore and has bagged a Rs.100-crore housing deal from ITC Limited. Headquartered at Bangalore, Nitesh Estates is engaged in the development of residential apartments, office buildings, hospitality projects, townships, and IT parks.
Together with capital investment of 100 million dollars from New York-based Siachen Capital LLC, a private equity firm, the company is also speaking with the some leading golbal private equity firms and hedge funds to be a part of this project. - UNI
