New Delhi based Uppal's Group, a leading real estate developer, is in the process of adding two operational five star deluxe hotels to its properties by the end of 2009. The company expects to add its second and third hospitality ventures at Shikhopur, Gurgaon and Chandigarh in the first and last quarters of 2009 respectively. The properties are expected to come up at a combined investment of
Rs 550 to 600 crore, excluding land cost.
"We are currently in the process of finalising our management partner for our Gurgaon property. This deal should be clinched in about a month's time. Earlier, we had finalised Oberoi to manage our property, but that deal is off. For the Chandigarh hotel, we have signed up JW Marriott to manage the property," says Gian Bansal, Director & CEO (Infrastructure), Uppal's Developers Pvt Ltd.
The Gurgaon property's construction was started in April 2007. The hotel will be spread over 13.8 acres of land. It will have an inventory of 200 rooms, including 40 odd service apartments.
Since the architectural plans are already in place, the construction work on the Chandigarh hotel is expected to begin in March 2008. The hotel, to come up at Sector 35 in Chandigarh, will house more than 200 guest rooms, spread across 2.5 acres of land.
Uppal Group has also bought a three acre plot adjacent to Uppals Orchid, its flagship property near IGI Airport, New Delhi. Though the company desires to add extra rooms to its existing 88 room inventory, the much awaited Master Plan of Delhi has hampered this initiative.
Source: hospitalitybizindia.com/
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