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Embassy Group, promoters of Embassy Office Parks, along with Blackstone are to invest ₹1,100 crore to complete Four Seasons Hotel and Private Residences in Bengaluru.
“Currently, ₹350 crore has been invested jointly by us and Blackstone. We have also inherited debt from previous promoters. Now, we need additional ₹600 crore to complete the project,” said Jitu Virwani, Chairman and Managing Director, Embassy Group.
Four Seasons Hotel and Private Residences is part of the mixed use (hotel, commercial and residences) project rechristened as ‘EmbassyONE’.
In addition to Four Seasons, Embassy Group’s hospitality foray includes building four Hilton properties in Bengaluru. “Two hotels – regular Hilton hotel and Hilton Courtyard are to come up at Embassy Manyata Office Park and at Embassy Golf-Links,” said Virwani.
To manage the hospitality business, the group has hired Sartaj S Singh as President, Embassy Hospitality.
Talking about Four Seasons Hotel- Bengaluru, Virwani said: “It is the second destination in India after it opened Mumbai hotel seven years ago.”
The ‘EmbassyONE’ project comprises a hotel and private residences spread over two towers – one 30 storey tower housing the Hotel and Private Residences, and a second 30 storey tower exclusively dedicated to the Private Residences.
“This will be complemented by a third 13 storey tower with 2.35 lakh square feet of prime commercial and retail space,” said Virwani.
“Over a period of time, EmbassyONE will be a debt-free project for us. This will happen when we complete selling all 110 (both single and two bedroom) apartments,” he added.
The project is scheduled to get completed by 2017. “Office space will be ready for occupation in 2016, while residences and hotel is scheduled for 2017,” said Virwani.
“This reinforces the Group’s focus on creating a portfolio of prime, mixed-use developments in North Bengaluru and extends our presence in the hospitality segment, while allowing us to address the growing demand for branded private residences,” he added.
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