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Posted: Wednesday, July 30 2008. 11:41

Marriott to expand with Uppal

Expanding its business in the hospitality sector, real estate developer Uppal Group announced on Monday a tie up with JW Marriott Hotels and its plans to develop seven luxury hotels in India by 2010, adding about 1,400 rooms.

Two five-star hotels, in Gurgaon and Chandigarh , entailing a total investment of over Rs 5 billion ($120 million) will be ready by next year. 'We plan to develop  five more  luxury hotels by 2010, with an addition of about 1,000 rooms," Uppal Group Managing Director Manish Uppal said in Delhi.

Uppal will invest Rs.0.5 billion to make a 210-room property in Gurgaon and 175- key property in Chandigarh. Group CEO (SEZ and Hotels) Gian Bansal told reporters that both properties will be ready by 2009 and will be managed by international chain JW Marriott Hotel through a revenue-cum-profit sharing agreement.

The company will issue an initial public offer (IPO) to raise capital during the first quarter of next fiscal, where promoters could dilute up to 15 per cent holding.

The Delhi-based Rs 8 billion realtor is aiming a turnover of Rs 2 billion by 2010. It is currently developing four residential, two commercial and four SEZ projects in Northern India.

It is  currently running a hotel near the Delhi Airport  under the brand name of  Uppal's Orchid in collaboration with the eco-friendly Orchid hotels.

One of its projects in collaboration with the UP based Chadha group has currently got stuck and has not been able to take off. The Hi-tech City project which it initiated 3 years ago near Ghaziabad has not been able to make much progress as the company has not been able to acquire requisite land from the farmers to fulfil the basic requirement of 1500 acres.

Marriott is planning to add 24 luxury hotels containing about 7,000 rooms by 2011 as it hopes to cash in on the boom in the  hospitality sector. It would have 15 hotels by the end of 2009. The company has already tied up with different developers for hotels in various locations and all the projects are under construction, according to company sources.

It has already tied up with Unitech (4), Emaar MGF (2), Uppal Group (2), Mumbai-based Rahejas (2) and Kanakia Developers which will come up at various metros, Tier I and II cities.

Out of 24 hotels, one will be under Ritz-Carlton, seven will be of JW Marriott, 11 will constitute Courtyard and the remaining will be coming up under Marriott-Renaissance brands.

The Uppal Group will own and develop the proposed hotel, while the day-to-day operations will be managed by Marriott International. Designed by Singapore based SCDA, the Gurgaon hotel will  be a landmark in terms of its design and form - with towers, landscaped podiums and generous atrium spaces.

The hotel will offer guests rooms of the size of over 650 sq.ft , which is almost double the room size provided in other 5 Star properties. It will have a luxurious spa with an area of 2,000 sq. mts. overlooking the huge green area which will add to the ambience and appeal. The Gurgaon hotel will be based in close vicinity of Delhi airport and is likely to be completed by September 2009.

       

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