The Hindu Business Line : Grand Hyatt(Mumbai) hopes to function full stream by January

THE Grand Hyatt hotel in Mumbai hopes to see business hit the fast-track by January next when the hotel will be complete in all respects, with all its revenue-generating streams, namely, the hotel, service apartments, and shopping mall, up and running.

The Rs 650-crore property launched its 547 hotel rooms and 147 service apartments in March this year. A soft launch of its shopping mall is planned in September, marking the completion of the last segment of the hotel property.

The hotel has registered an average occupancy of 45 per cent since its launch, as against an industry average of 65 per cent in the same period.

However, according to the hotel's General Manager, Mr Josef Kufer, the initial bookings for November and December were good.

"The last quarter will be crucial as it will be an indicator of the hotel's draw as a business and lifestyle statement," he said.

He adds that the initial response, helped along by a growing travel market, has been "good."

"Our sales team is going all out to woo the big corporate houses, actively developing loyalty for the hotel among prospective clients."

Currently, banquets and food & beverages (F&B) are the major revenue earners for the hotel. "The size and seating capacity of our meeting and convention facilities are among the largest in the city," he says. But, Mr Kufer is hopeful that a pick-up in occupancy would see revenues from rooms increase to at least 55 per cent of the total.

Real estate in and around the hotel complex in the Western suburb of Vakola has received a boost, thanks to the arrival of the hotel and the relocation of several business organisations to this area. The US consulate , which is currently located in the South of the city, is also expected to shift its offices to the suburb.

According to Mr Kufer, the developments in the real estate market bode well for business at the hotel. Occupancy at its service apartments, currently at 40 per cent, should also receive a boost with the growth of business activity in this region.

Further, a recent commitment by the Bombay Municipal Corporation to develop the approach road to the hotel complex has come as a shot in the arm for the property, he says.

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