Nitesh Estates bags Rs 500 cr five-star hotel deal in Bangalore
New Delhi, Aug 8 (UNI) Marking its foray into the hospitality segment, Bangalore-based Nitesh Estates, the real estate division of the Nitesh Group, today said it has bagged a prestigious project for a five-star luxury hotel in Bangalore at an estimated investment of Rs 500 crore.
''The hospitality sector in Bangalore is at a very critical juncture right now, with demand far exceeding the supply. The city needs more 5-star facilities that will offer discerning travelers the very best in terms of amenities and facilities, and this project promises just that,'' Nitesh Estates Ltd MD Nitesh Shetty said.
The project is expected to commence in 6 months time and will be completed in the next 2 years.
The 300-room luxury hotel will be located in the heart of Bangalore's Central Business District (CBD), and will offer world-class amenities like luxurious rooms designed to meet the needs of the modern traveller, a state-of-the-art spa, 3-4 restaurants as well as banquets facilities.
The CBD area in Bangalore houses other five star hotels like the Oberois, the Taj Group, ITC Windsor Manor, Leela Palace and the upcoming JW Marriott.
With India's booming hospitality industry, the Average Room Rate (ARR) in Bangalore is increasing at a rate of 50 per cent annually, due to a high demand supply mismatch.
Nitesh Estates is also in talks with some major international hospitality chains/hotel operators for this project.
The company recently announced a 2 million sq ft SEZ in Mangalore and has bagged a Rs 100 crore housing deal from ITC Limited.
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 Siachen Capital LLC, a New York based private equity firm, Nitesh Estates is also speaking with the biggest private equity firms in the world and some hedge funds to be part of this project UNI RA SBA RS2032