Mumbai-based Oberoi Realty is partnering with the US-based Mariott International brand Ritz-Carlton for managing and operating its mixed use development project in Worli, Mumbai.
The two parties, however, declined to disclose financial value of this tie-up.
The project would comprise development of 140 residential apartments and 238 hotel rooms spread across 2.1 million square feet.
The dimensions of the residential apartments would be between 8,500 square feet and 20,000 square feet.
This project would be developed by Oasis Realty, a joint venture between Sahana and Oberoi Realty, and would comprise two high-rise towers.
The project also marks Ritz Carlton’s first venture into mixed use development in India.
According to Vikas Oberoi, Chairman and Managing Director, the company plans to begin hotel operations in 2016-18.
So far, Oasis Realty has raised 45 floors of the 67-storey residential tower and eight floors of the hotel tower.
Addressing a press conference in Mumbai, Oberoi said: "The hotel component would cost ₹750 crore which would be funded out of the sale proceeds of the residential component of the project.” Paul Foskey, Executive Vice President, Hotel Development, Asia-Pacific - Marriott International said: “We are bullish on India and its robust development in the long term. Economic cycles come and go but we still see potential to expand our India portfolio of hospitality brands.”
The project is designed by architectural firm KPF (Kohn Pedersen Fox Associates), US.
The interiors for the hotel tower will be crafted by interior designer Tony Chi and the project would be constructed by Samsung C&T Corporation.
Oberoi Realty’s scrip closed at ₹200 a share, down 1 per cent from its previous close on the BSE.