The Hindu Business Line : Mantri Developers to focus on hotel sector

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Hyderabad Feb. 16 Mantri Developers, the Bangalore-based residential and property developers, has decided to expand its presence in the hotel industry, with the help of the expertise of its partner Morgan Stanley Real Estate.

The hotels in the 3- to 5-star category would be clubbed with the big township projects that Mantri Developers has taken up already and in future projects in Bangalore, Chennai and Hyderabad, according to Mr Sushil Mantri, Chairman and Managing Director of the company.

By 2010, plans are to have 8 hotels under the banner of Mantri Developers. The total room strength should be around 2,500 in the 3- to 5- star category, as well as the Service Apartments that are being built, he told Business Line.

The business model firmed up would be to own the hotel property and give the management to a professional hotel chain. Morgan Stanley will help in identifying and negotiating with suitable partners to manage the hotels, Mr Sushil Mantri said.

Morgan Stanley Real Estate, which has invested Rs 300 crore in the company, brings good experience as it owns over 15,000 hotel rooms across the globe. This would be an added advantage to the venture, he said.

In Bangalore, hotel projects have been identified in Whitefield and Bellary Road township ventures.

For Mantri Developers, retail & hospitality, which includes hotels and service apartments, forms about 20 per cent of focus, while the majority - 65 per cent is the core residential and 15 per cent is IT space development.

In seven years, the company has completed about 4.5-million sq.ft. with 14 completed project and several others on the anvil, he said.

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