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R. Ravikumar
M. Ramesh

Buys 16 grounds on 99-yr lease; project to begin soon

Chennai June 10 MGM Entertainment Pvt Ltd has drawn up plans to put up a Rs 400-crore, 600-room five-star hotel at Adyar, a prime locality in Chennai.

It has acquired 16 grounds on a 99-year lease for that purpose. Work on the project is set to begin shortly, Mr M.G.M Maran, Director, MGM group, told Business Line.

The company, part of the Rs 1,500-crore MGM Group, has two resorts (MGM Beach Resorts and East Woods) in Chennai and another resort in Vailankanni.

It also has a heritage hotel in Conoor and a highway motel at Ranipet. The group acquired these two properties from the Tamil Nadu Tourism Development Corporation recently. "Both these properties are doing well," said Mr Maran.

The group has diversified business interests such as distilleries, logistics and the restaurant chain MarryBrown, apart from hospitality and amusement parks.

Recently, the group picked up 40 per cent stake in Quality Inn Aruna, a three-star hotel in Chennai. But the deal has been challenged by one of the hotel's promoters (It is understood that while Mr Maruthapillai Sivaraman sold his stake in Aruna Sunrise Hotels Ltd, owner of the property, his son, is not in favour of the deal).

The case is now under arbitration. When asked about this, Mr Maran said the hearings were over and the verdict is expected soon.

MGM Entertainment is also considering a property in Bangalore. "We are on the lookout to acquire one there," he said. Besides, the company also runs a theme park — MGM Dizzee World — on East Coast Road in Chennai, and MGM Selvee World, another amusement park in Visakhapatnam, Andhra Pradesh.

More Stories on : New Projects | Hotels | Tamil Nadu

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