The Hindu Business Line : Ambuja Realty developing 4 high-end luxury hotels in Bengal

Kolkata June 6 Ambuja Realty Development Ltd (ARDL) plans to invest nearly Rs 1,000 crore to develop four "high-end luxury" hotels with a combined capacity of 1,000 rooms in West Bengal over the next three years, according to Mr Harshavardhan Neotia, Chairman, ARDL.

Mr Neotia told Business Line, "we plan to develop hotels in Kolkata, Siliguri, Haldia and Shantiniketan. We also have plans to set up a hotel in the hills of Darjeeling."

Scouting for partners

He said the investment would be funded through a combination of debt and internal accruals.

The company is also open to private equity participation, though nothing has been finalised yet.

ARDL, which has partnered the Radisson Group for its existing hotel property in Raichak, Kolkata, is scouting for partners for its proposed ventures.

"We are in the process of deciding on our partners for the upcoming hotel projects," Mr Neotia said.

According to him, the company may tie up with different players for its proposed hotels venture.

Kolkata is likely to have 12-15 star hotels in the next three to four years with international hotel majors including the Intercontinental Group, Hilton Hotels and Marriott Hotels and Resorts planning to set foot in the region.

Mr Neotia said that ARDL might choose its hospitality partner from among them. He, however, declined to divulge further details.

The proposed hotel in the city will form a part of a mall, besides separate residential apartments at the adjacent site.

The company plans to develop these in the eastern fringes of Kolkata by end of this year. ARDL is also looking at similar formats for its other hotel projects in the State, subject to land availability, Mr Neotia said.

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