|
"Yes, we will invest around that much money,"
confirms DLF Group chief financial officer Ramesh Sanka to DNA Money.
The first hotel, the Hilton Garden Inn is set to open in Saket, New Delhi
by end of this year.
It costs about Rs 4-5 million ($100, 000- 125, 000) to
set up a high quality, five-star hotel room including the cost of purchase
of land and facilities, according to trade analysts.
DLF is also in talks to set up nine super luxury hotels
throughout India. It is already setting up a luxury property at the DLF
Golf Course in Gurgaon in conjunction with Four Seasons, and a 200-room
serviced apartment project in Goa with Hilton.
Around $2 billion of the planned investment will be
spent on creating this residential category of hotels, the latest trend
in the industry.
Additionally, DLF will also have Pan India presence
in business hotels and recreational clubs. Last year, it had acquired
the controlling stakes in the Singapore –based luxury international
chain, Aman Resorts in partnership with the founder owner of the resort,
Adrian Zecha.
Analysts say the challenge that DLF would face for its
projects would be in execution. India does not have enough architects
and civil engineers to support the real estate boom. However, the investment
bank Goldman Sachs, feels that DLF is better-placed than most other hotels
in the category because of its strong management team, scale and strategic
tie ups.
|