Phoenix Mills Plans Foray into Hospitality Sector

August 30, 2007	(Be the first to rate this story!)  Loading ...
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Atul Ruia, owner of the fast-developing Phoenix Mills Ltd. in Mumbai, plans to carve out a substantial niche in Indian hospitality sector with six hotels in Mumbai, Pune, Chennai, Bangalore, and Agra over the next five years.

Of these proposed hotels, the first will come up at the Phoenix Mills property at Worli in Central Mumbai. It would be developed as a 400 key luxury hotel over an area of 430,000 lakh sq ft and is likely to be ready by2009-end.

Phoenix Mills Ltd. has floated a special purpose vehicle, Pallazio Hotel and Leisure Ltd, to tie up with Hong Kong based Shangri-LA Hotels. The development of hotels will involve an investment of around Rs 320 crore.

Other renowned hotels including the Taj Group, Hilton, and Marriott were also in the queue for the management contract.

Worli will see two more hotels – one is a project by Four Seasons and another is to develop by DLF Ltd, which is constructing a luxury mall on the Mumbai Mill property it had acquired last year. DLF had discussions about building a mall-hotel on the property.

Of the five proposed hotels, four will come up at shopping complexes called Market City, to be developed by Phoenix Mills Ltd. And, the fifth hotel will come up at Kurla in North Mumbai.

The company also has plans to introduce budget hotels after its six luxury hotels get operational, informs Shishir Shrivastav, chief executive officer of the company’s hospitality division.

News Published Under:   Hotel Industry in India |

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