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Our Bureau

Mumbai , March 25

THE long-delayed, Rs 650-crore Grand Hyatt, was officially opened here today.

The 547-room five-star facility has been developed by the Mauritius-based Saraf Industries and will be managed by Hyatt International. Saraf Industries and Hyatt International both hold a stake in the property.

According to the Managing Director, Mr Arun Kumar Saraf, the hotel is positioned at the same level as the Oberoi Hotels here.

Marketed as a multi-speciality, lifestyle hotel, it has focused on domestic clients to boost business.

He added that its mid-town location made it easily accessible from suburbs such as Santa Cruz, Juhu and Andheri. The property would be sold through direct marketing and advertising campaigns.

In this regard, he added that the hotel had commissioned a lot of local art, and Rajeev Sethi had been appointed curator responsible for the works of art put up at the hotel.

According to Mr Saraf, the display of local art and culture was expected to give a boost to tourism in the region; this would indirectly create a market for the hotel as well.

The hotel, which includes an inventory of 147 service apartments, hopes to recover its investment in a period of seven years.

The one-year delay in opening the project cost the company Rs 35 crore in terms of interest payments and Rs 20 crore under manpower, salary and overhead expenses.

On future plans, Mr Saraf said the group planned to begin a project in Bangalore shortly.

Maintaining its focus on developing super deluxe properties in the metros, the group was also looking at Chennai and Hyderabad for launching projects, he said.

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