New Delhi: Real estate firm Supertech today announced
tie up with hospitality chain The Leela Palaces, Hotel and Resorts
for management of its luxury hotel in Noida that is being developed
at an investment of Rs 450 crore.
The 250-rooms hotel, which is part of a mixed-use
project ‘Supernova’ with 5 million sq ft of built-up area, would
be completed in four years.
“We have signed management contract with Leela
Palaces for our hotel in the prestigious project Supernova,”
Supertech Chairman and Managing Director R K Arora told reporters
here.
The hotel will be developed at an investment of Rs 450
crore and the total cost of entire project is Rs 2,700 crore, he
said, adding that the proposed investment would be funded through
internal accruals, debt and private equity.
Leela Group Vice Chairman and Managing Director Vivek
Nair said: “Noida is an upcoming area of Delhi-NCR. With hotels in
Delhi and Gurgaon already operational, We will be covering all the
major destinations of the national capital region”.
Asked about the revenue sharing, Nair said the
management fees is as per the industry practice.
Leela Group currently has eight hotels comprising 2,200
keys in its portfolio at Bangalore, Gurgaon, Mumbai, New Delhi,
Chennai, Goa, Kovalam and Udaipur. Out of eight hotel properties, six
are owned and two are management contracts.
Leela is coming up with hotels at Jaipur, Agra and
Ashtamudi (Kerala) and Bangalore.
Supertech would develop branded residences in the upper
part of the hotel building to be managed by Leela Group.
“We are in advance stage of discussion with world-
renowned fashion brands including Armani,” Supertech Director Mohit
Arora said.
Source:http://www.financialexpress.com/news/supertech-ties-up-with-leela-palaces-for-rs-450-cr-noida-hotel/1024726/0
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