The Hindu Business Line : Wellside plans to develop nine hotels in Bengal

Kolkata, July 8 Wellside International of Singapore plans to invest Rs 1,100 crore to set up nine hotels in the business, budget and luxury segments in West Bengal, according to Mr Aditya K. Poddar, Chairman, Wellside International Pte Ltd.

The company plans to develop these hotels in a joint venture with the Far East Organisation, one of the largest private property developers in Singapore, and Starwood Capital Group Global, a global real estate investment fund.

“Wellside will have 51 per cent stake in the joint venture. Far East Organisation will own 26-35 per cent stake and the rest will be with Starwood Capital,” Mr Poddar told newspersons.

Wellside plans 150-200 rooms of budget hotels in tier-II cities, including Siliguri, Durgapur, Haldia and Kharagpur.

The company also plans to develop a couple of luxury hotels in Kolkata and Darjeeling.

It has received in-principle approval from the State Government to convert the Lady Ranu Mukherjee residence at Camac Street into a luxury heritage hotel, Mr Poddar said.

Wellside is currently in the midst of acquiring land for the proposed Darjeeling property, which Mr Poddar hinted could be in a tea garden.

The company has also approached the State Government for 10 acres in Rajarhat to set up a 1,000-seat convention centre and business hotel and is planning a 250-room budget hotel in Sector V, Salt Lake City

More Stories on : Outlook | Hotels | West Bengal

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