City based Nitesh Estates to develop a USD 100 Million hotel in city

Bangalore, Jan 16 (UNI) New york based Citigroup Property Investors today announced its partnership with a city based real estate developers Nitesh Estates to develop a US Dollars 100 million 250 room luxury hotel in the city.

Disclosing this to newsmen here Nitesh Estates Managing Director Nitesh Shetty said the hotel would offer world class amenities. It would be designed by global architects and would be operational in 30 months. " This investment from Citigroup would help us transform the hospitality sector in the city," he hoped.

Citigroup Asia Pacific Managing Director David Schaefer, who was also present, said the city had tremendous growth potential with regard to real estate sector. His company had already made investment of USD 250 million in various destinations since May last and would invest another USD 500 million during this calender year on commercial space development, hospitality and residential projects, he added.

UNI