Prestige Group to more than double hotel rooms by 2023
About 1,000 rooms under four brands will come up in Bengaluru, Chennai and Kochi
Real estate developer Prestige Group has signed a partnership deal with Marriott International and is planning to more than double its rooms in hospitality business to 3,100 over the next four years.
Once the new hotel rooms become operational, the portfolio will contribute about Rs 1,200 crore in rental income to Prestige Group. It has entered into an agreement with Marriott International to open six hotels in the country. As per the terms of agreement, Prestige Group will build hotels of JW Marriott, Tribute Portfolio and Moxy brands across southern India.
About 1,000 rooms under four brands will come up in Bengaluru, Chennai and Kochi. These hotels are expected to open between 2021 and 2025. The 125-room Moxy Chennai and 200-room Moxy Bengaluru are expected to open in 2024. In October 2018, the Prestige Group had entered into a joint venture (JV) with DB Realty to develop a hospitality-led mixed-use project spread over 7.7 acre in Delhi’s Aerocity.
The Group is planning to build India’s largest hotel and convention centre on the said land parcel. The developer has completed 236 projects with an area of 123 million sq ft. It has 48 ongoing projects across segments, with total developable area of 48 million sq ft. It also has 55 million sq ft under planning and holds a land bank with potential developable area of over 29 million sq ft.