After tying up with Hyatt Hotels for Grand Hyatt Hotel and Residences in their upcoming 700-acre integrated Ireo City development project in Sector 59 in Gurgaon in the NCR, Ireo, India’s largest private equity fund dedicated to real estate development, has announced another major hospitality tie up with Ascott Ltd., for managing the proposed service apartments project in the same Ireo City development project.
The Ascott Ireo City Gurgaon will offer 220-service apartment units in the configurations of studio, 1 BHK and 2 BHK, out of which 160 will be serviced residences, and remaining 60 will be private residential apartments.
Announcing this tie up here in Delhi, Pankaj Dugar, Hospitality Head, Ireo said that Ascott Ireo City Gurgaon will be the fourth hospitality investment by the real estate company. Others being Grand Hyatt mix use project in Gurgaon; first branded club in Ludhiana in partnership with Angsana; and a Hotel and branded residences in North Goa in association with Banyan Tree Hotels brand.
“We strongly believe in hospitality business in India. Yes, hospitality business is a cyclical one at the macro level, but there are so many micro markets in India which are underserved. We are very positive about service apartment and mid-market hotel space in India,” he said.
Talking specifically about the Ascott tie-up, Dugar said that it would mark the entry of Ireo into luxury service apartment space. Ireo will be developing the project with technical assistance from Ascott, and Ascott will manage these apartments, which are expected to become operational by end of 2016 or beginning of 2017, he said. He said that despite phenomenal commercial activity in and around Gurgaon, there is a near vacuum in terms of quality service apartments for long stay guests in the city. “Currently the market is underserved.
We see an opportunity in that space,” he informed.
Speaking on the occasion, Alfred Ong, Managing Director, Strategic Development, The Ascott Ltd., said that the first Ascott branded Service Apartment as part of the Ireo City Gurgaon will deliver luxurious city living to long stay guests. “We are delighted to bring our premium brand into Gurgaon and happy to partner with Ireo,” he said.