Nitesh Estates bags five-star hotel deal in B'lore
Bangalore, Aug 8 (UNI) In one of the largest hotel deals in recent years in the city, Nitesh Estates, the real estate division of the Nitesh Group, has bagged a prestigious project for building a five-star luxury hotel entailing an estimated investment of Rs 500 crore.
The 300-room luxury hotel would be located in the heart of Bangalore's Central Business District (CBD) and offer world-class amenities to meet the needs of the modern traveller.
The project was expected to commence in six months time and completed in 24 months. With the country's hospitality industry booming, the average room rate (ARR) in Bangalore was increasing at a rate of 50 per cent annually due to a high demand supply mismatch.
Shortage of accommodation had stimulated investments in the hotel industry. This project marked Nitesh Estates' foray into the hospitality segment. Nitesh Estates had beaten other leading real estate developers in bagging the project.
Speaking at the announcement of the new project, Nitesh Estates Limited Managing Director Nitesh Shetty said ''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, and the Nitesh hospitality project promises just that.'' Nitesh Estates was in talks with some major international hospitality chains/hotel operators for the project.
Nitesh Estates had recently announced a two million sq.ft SEZ in Mangalore and bagged a Rs 100 crore housing deal from ITC Limited.
UNI VK RG TS1913