Prestige Estates Projects Ltd., an Indian real estate developer, plans to invest up to Rs 10 billion ($203 million) in building hotels in the next three to four years.
The company will invest 2 billion rupees to build a Hilton hotel in Bangalore, where the Indian company is based. It is also constructing a Marriott Hotel at its Prestige Golfshire project and building an Aloft Hotel, a brand owned by Starwood Hotels & Resorts Worldwide Inc. also in Bangalore.
Prestige is building hotels in the southern Indian city, home to the Indian offices of Google Inc., Infosys Ltd. and Texas Instruments Inc. aiming to draw customers from the information technology industry. “Hotels are a long-term play, we won’t get returns immediately,” Irfan Razack, CMD, Prestige Estates Projects Ltd. said. The company has also partnered with Oakwood Worldwide, a serviced apartment manager, to operate a 218-unit luxury service apartment in Bangalore.
Prestige reported a second-quarter profit of 262.8 million rupees recently on sales of 1.28 billion rupees. The developer raised 12 billion rupees in an initial share sale in October last year.
The company will invest 2 billion rupees to build a Hilton hotel in Bangalore, where the Indian company is based. It is also constructing a Marriott Hotel at its Prestige Golfshire project and building an Aloft Hotel, a brand owned by Starwood Hotels & Resorts Worldwide Inc. also in Bangalore.
Prestige is building hotels in the southern Indian city, home to the Indian offices of Google Inc., Infosys Ltd. and Texas Instruments Inc. aiming to draw customers from the information technology industry. “Hotels are a long-term play, we won’t get returns immediately,” Irfan Razack, CMD, Prestige Estates Projects Ltd. said. The company has also partnered with Oakwood Worldwide, a serviced apartment manager, to operate a 218-unit luxury service apartment in Bangalore.
Prestige reported a second-quarter profit of 262.8 million rupees recently on sales of 1.28 billion rupees. The developer raised 12 billion rupees in an initial share sale in October last year.