Top Rated Projects of Noida Extension
headline »
Fri, 26/10/12 – 14:05 | No Comment

Indian Property Review has announced Top 20 projects in Noida Extension. The projects were evaluated on the basis of Location, Price, Facilities and Builder’s Track Record and following projects emerged as winners with highest ratings …

Read the full story »
Commercial

Commercial Real Estate

Realty Finance

Residential

Residential Real Estate

video

Home » Commercial, Real Estate Developers

Reliance seeking to enter into Hospitality

Submitted by on Friday, 14 May 2010No Comment

rel
After succeeding in the oil and gas and retail sectors, Reliance Industries (RIL) is now entering into hospitaly sector, with Mumbai-based real estate company Maker Builders. Two hotels  will be built by them in the Bandra Kurla Complex in suburban Mumbai.

Final talks are going on with an international hotel chain listed in London -Mandarin Oriental of Jardine Matheson group – to run their hotels, according to a report.

Terms and conditions of a revenue sharing deal between RIL, Maker and Mandarin are expected to be signed shortly. The first project — Maker Maxity — will come up in the open-air theatre ground in Bandra, the report added.

Reliance and Maker will hold 35 per cent stake each in the project, while Urban Infrastructure Venture Capital Fund and Zander Private Equity Fund will hold 15 per cent each. One hotel will be a five-star property and the other will be a seven-star super luxury hotel. Mandarin will manage both.

Mandarin Oriental will oversee construction of both the properties and ensure that they meet the hotel chain’s specifications. Construction of both the hotels is estimated to cost about Rs 1,200 crore, excluding land value of about Rs 3,000 crore. Construction cost will be borne by RIL and Maker Builders.

According to people close to the negotiations, the business plan and the revenue sharing agreement between Maker Maxity and the hotel chain is in place. Mandarin Oriental is an international hotel investment and management group that operates, or has under development, 41 properties representing more than 10,000 rooms in 26 countries, with 17 hotels in Asia, 13 in the US and 11 in Europe, the Gulf, and North Africa.

Its parent, Mandarin Oriental International, is incorporated in Bermuda and has its primary share listing in London and secondary listings in Bermuda and Singapore. Mandarin Oriental Hotel Group International, which operates from Hong Kong, manages the group’s hotels.

Leave your response!

Add your comment below, or trackback from your own site. You can also subscribe to these comments via RSS.

Be nice. Keep it clean. Stay on topic. No spam.

You can use these tags:
<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>

This is a Gravatar-enabled weblog. To get your own globally-recognized-avatar, please register at Gravatar.

WP-SpamFree by Pole Position Marketing