Bangalore Hotels & Resorts

[avinash2060]

ikely To Pay $75M For 26% In Bangalore-Based Co

Boby Kurian & Shilpa Phadnis | TNN

Bangalore: Baring Private Equity Partners India (BPEP) along with some of its international investors is likely to invest about $75 million,or approximately Rs 350 crore,in the Bangalore-based Century Real Estate.
Baring's individual commitment to the deal is around $53 million,while overseas investors who are backing the fund may bring in a little over $20 million in additional investment.Industry sources say that Baring has just initiated the diligence process.As the realty firm is still working out the commercial terms,sources say the deal could be closed in February.When contacted,the managing director of the company Ravindra Pai did not confirm or deny the development.
The Baring-led investors may pick up around 26% stake in the holding company,which is one of the largest land aggregators with an estimated 3,000 acres of land bank in south India.The investment may be deployed as seed capital to develop multiple townships around Bangalore.E&Y and KPMG are assisting with the due diligence.E&Y,alongwith 130R Capital,is also advisor to the deal.Century Real Estate is majority owned by real estate e n t re p re n e u r Dayanand Pai and his family.The Manipal Education and Medical Group (MEMG) promoters also have minority investments at SPV (special purpose vehicle) levels.BPEP,which manages assets wor0th about $1 billion,issued a term-sheet for a possible investment two months ago,sources added.An alternative possibility of the PE fund investing into a SPV holding a clutch of assets is also being considered.A Baring India official refused to comment,when contacted.Last year,Century embarked on raising $120-150 million and has held talks with PE investors including DE Shaw,Apollo Management,Morgan Stanley and Baring.
US-based Fortress Capital is an investor in the company,and a part of the $150 million investment was aimed at repaying some of the Fortress investment made through convertible instruments.BPEP,spearheaded by Indian private equity veteran Rahul Bhasin,roped in Varun Batra who headed Citigroup's real estate investments in India to cut opportunistic deals in this comeback sector.
Century has 14 projects spread across 1.2 million sft under various stages of development.The realty company raised Rs 400 crore in debt some six months back to fund its projects.The firm is planning to develop an additional 1.7 million sft in the next financial year.It is investing Rs 250 crore in a 68-acre integrated township close to the Bengaluru International Airport.The company has also entered into a management contract with hospitality major Four Seasons to set up a luxury hotel in Bangalore.The project,which broke ground last week,is expected to be completed by 2013.It will also house 100 branded residences,high-end retail stores and commercial complexes.

http://timesofindia.indiatimes.com/b...ow/7349911.cms

[avinash2060]

The Ascott Limited (Ascott), CapitaLand’s wholly-owned serviced residence business unit, has signed a joint venture (JV) agreement with India’s leading property developer, RMZ Corp, to develop a 203-unit serviced residence in Bangalore.

Under the agreement, Ascott will hold a 50 percent stake in the JV Company for INR 151.75 million, while RMZ Corp will acquire the remaining stake.

Ascott will manage the new Citadines Galleria Bangalore — its first Citadines apart’hotel and second property in Bangalore — when it opens in 2014.

Mr. Ronald Tay, Chief Investment Officer of Ascott, said, “Our partnership with RMZ Corp will allow us to leverage on each other’s strong brand reputation and expertise to further scale up Ascott’s presence in India. With Citadines Galleria Bangalore, Ascott will have close to 1,600 apartment units across seven properties in Bangalore, Ahmedabad, Chennai and Hyderabad. Besides expanding our presence in these cities, we will continue to seek opportunities for growth in other cities such as Mumbai, New Delhi and Pune.”

The company will also open Somerset Greenways Chennai, its first property in India this year, said Mr. Tay, who manages the company’s business in India.

Located in Yelanhanka, Citadines Galleria Bangalore is part of a mixed development called RMZ Galleria, which includes an office tower and a shopping mall. Featuring a contemporary and vibrant design, the serviced residence will feature studio, one- and two-bedroom apartment units, with facilities including a swimming pool, gymnasium and F&B outlets, said Ascott.

Mr. Manoj Menda, Managing Director of RMZ Corp, said, “We are pleased to partner Ascott as it is the world’s largest international serviced residence owner-operator. With 27 years of experience in managing award-winning serviced residences globally, we are confident that Ascott will be able to enhance the value of our development and increase its appeal to discerning international travellers.”

http://www.propertyguru.com.sg/prope...-serviced-resi

[avinash2060]

SINGAPORE : The Ascott, CapitaLand's wholly-owned serviced residence business unit, has entered into a joint venture with RMZ Corp, one of India's leading real estate developers, to develop a 203-unit serviced residence in Bangalore.

Ascott will acquire a 50 per cent stake in the joint venture company for 151.75 million rupees (about S$4.36 million), while RMZ Corp will hold the remaining stake.

The new Citadines Galleria Bangalore will be located in Yelanhanka, which is easily accessible by major highways and has excellent connectivity to the Bangalore International Airport and Central Business District, The Ascott said in a statement.

It will be Ascott's first Citadines serviced residence and its second property in Bangalore. Ascott will manage the property when it opens in 2014.

The Citadines Galleria Bangalore will be part of a mixed development known as RMZ Galleria that includes a shopping mall and an office tower.

Award-winning DP Architects from Singapore has been appointed as the architectural consultant for the entire development.

Featuring contemporary design, the serviced residence will offer studio, one- and two-bedroom apartment units and facilities such as a gymnasium, swimming pool and food and beverage outlets.

Mr Ronald Tay, Ascott's chief investment officer who oversees the company's business in India, said: "With increasing business travel into India and inter-city travel, demand for quality accommodation will grow."

He added that Ascott will open its first property in India - Somerset Greenways Chennai - this year.

"With Citadines Galleria Bangalore, Ascott will have close to 1,600 apartment units across seven properties in Bangalore, Ahmedabad, Chennai and Hyderabad," Mr Tay said.

Mr Manoj Menda, managing director of RMZ Corp, said: "Besides staying in a world-class serviced residence, guests of Citadines Galleria Bangalore will enjoy a unique shopping experience at the RMZ Galleria, which will offer over 200 stores, a nine-screen cinema and a hypermarket."

- CNA/al

http://www.channelnewsasia.com/stori...107273/1/.html

[gentem]

Wakf board allowed to go ahead with hotel eviction
TNN, Feb 10, 2011, 05.40am IST

BANGALORE: Putting an end to a three-decade-long dispute, the Karnataka high court on Wednesday directed the competent authority under Public Premises Act in the Karnataka Board of Wakfs (chief executive officer) to complete the eviction proceedings in three months regarding the nearly three odd acres prime land presently housing Windsor Sheraton Hotel on Sankey Road.

Disposing of a petition filed by ITC Hotels Limited and ITC Hotel Windsor Sheraton, Justice H N Nagamohan Das has held that section 2(e)(v) of the Karnataka Public Premises Act is constitutionally valid and the New Wakf Act 1995 contains provisions similar to those in the old act 1954.

The court also directed the petitioner to pay the rent at the rate of Rs 6 lakh per month till the end of the proceedings pending before the competent authority are completed in terms of the February 10, 2005 interim order passed by the high court.

THE HISTORY

The prime land which is situated next to the chief minister's official residence was dedicated to the Muslim community by one Aga Ali Askar on October 29, 1880 by way of a will.

In 1887, the will was altered and one-fourth of the property was given to Aga Ali Askar's son-in-law. The lease deed was executed on October 15, 1973 after getting approval from the wakf board. On June 3,4, and 5, 1981, the wakf board held a meeting and passed a resolution declaring the 1973 lease deed and the September 13, 1974 assignment deed issued by Msrs Monarch Corporation in favour of Ms Vishwaram Hotels Private Limited as invalid.

On November 12, 2001, the commissioner Aga Ali Askar Wakf made a representation to the competent officer requesting him to initiate eviction proceedings against Msrs ITC group of hotels on the ground that they were in unauthorized occupation. Based on that, the competent officer issued a show-cause notice on October 19, 2001.

The order was challenged before the HC and also SC. The competent officer resumed proceedings under the Public Premises Act in February 2005. The same was challenged in the high court.

The HC passed an iterim order of stay on the proceedings and asked the ITC Group to pay rent at the rate of Rs 6 lakh per month.
`It is sub judice'


"The matter is sub judice. We have no further information on the issue,'' a spokesperson of ITC Windsor told TOI.

seems windsor manor near golf course will go down and a mosque will come up.. the lease till 2023 was terminated and now they will have to vacate unless supreme court gives stay

[ullasavadan]

Originally Posted by gentem

Wakf board allowed to go ahead with hotel eviction
TNN, Feb 10, 2011, 05.40am IST

seems windsor manor near golf course will go down and a mosque will come up.. the lease till 2023 was terminated and now they will have to vacate unless supreme court gives stay

The Wakf Minister has said yesterday that he prefers continuance of Windsor Manor with a new agreement. He has two conditions - first that they should not serve pork and second the new agreement should be based on the current real estate rates. Looking at the volume of business and its prime location, I am sure Windsor Manor will renegotiate and continue.

[naveen_blr]

something in news today 1Cr per month i think ITC would be happy to continue

[avinash2060]

Four Seasons has Finally Taken Off Excavation is in an Advanced Stage

[Shantha.raja]

Dear Avinash,

I have seen some of property stop due to some fund problem but they are not updated also... still its showing this year first quarter when i visited the places still under construction.

Thanks

[Shantha.raja]

Dear Avinash,

Can i get the contact details for Westin Bangalore.

Thanks

[nandan_ks]

Shot at 2011-03-06

[Mahesh Nanjunda]

This is Hotel Marvella (near South End Circle)

[avinash2060]

By N Vasudevan Feb 16 2011
Tags: Hotel and private residences, Real Estate
Backed by UK-based Westcourt, CityView will have a Four Seasons Hotel and private residences. Apartment owners can make use of the hotel’s many facilities
International development group Westcourt has launched a hotel-cum-private residences project, CityView, at Bellary Road, north of Mekhri Circle and Palace Grounds, in Bangalore. The project will consist of three buildings, including two 30-storeyed towers, set amidst landscaped gardens.

CityView will be a mix of Four Seasons Hotel, private residences, and boutique retail.

CityView is an equity joint venture of London-based Westcourt, New York-headquartered Goldman Sachs and its affiliated real estate funds, and Bangalore-based Century Real Estate.

The Four Seasons Hotel will be located in CityView’s 30-storeyed South Tower leading up to the 21st floor. The hotel will offer 230 luxurious guest rooms, including 31 executive suites and a presidential suite.

The private residences will be located in the 30-storeyed North Tower and the top nine floors of South Tower. The South Tower will offer one- and two-bedroom options, while the North Tower will offer three- and four-bedroom apartments, all equi*pped with modern amenities, direct-to-residence lifts.

In addition to the residential infrastructure, apartment owners can enjoy the services and amenities offered by the hotel, including concierge service, dining options, fitness centre, pool and spa access.

Westcourt claims that the project has been designed by eminent architects, interior designers and landscape designers like Studio u+a, Yabu Pushelberg and P Landscape.

Vinay Kapoor, founder and CEO of Westcourt, said, “We are not just creating a premium offering with this development, but making Bangalore a destination that will define new standards of living, work and leisure. We are proud to partner with Four Sea*sons, which is synonymous with the best offering in the hospitality and service sector the world over.”

The project is supported by leading Indian banks, led by the State Bank of India.

Scott Woroch, executive vice-president (worldwide development), Four Seasons Hotels & Resorts, said, “We are proud to be part of CityView, a project that promises to set new standards for multi-use real estate development in India. With a hotel and private reside*nces, we look forward to welcoming bo*th Indian and international gu*ests and the owners of the residences here to experience life, the Four Sea*sons way.”

CityView’s location and understated luxury will create the ideal destination for discerning global citizens, Westcourt believes.

nvasudevan@mydigitalfc.com
http://www.mydigitalfc.com/real-esta...-bangalore-719

[HedonistAtBlr]

^


Studio u+a

[menonin]

Home in the sky
Four Seasons homes in Bangalore herald a ritzy real estate trend
Pavitra Jayaraman & Madhurima Nandy


I do have high standards where my living spaces are concerned,” says Raj Chawla, who is among the first set of clients to buy a Four Seasons branded residence in Bangalore. A two-bedroom apartment on the 24th floor of the building that will also house the Four Seasons hotel will be Chawla’s retirement home. “By the time I am 50, I hope,” laughs the 43-year-old, Singapore-based investment banker.

For Chawla, a Four Seasons Hotels and Resorts regular, the choice was a simple one. “Though I don’t live in Bangalore, there is an assurance that I won’t be short-changed because of the brand involved,” he says.

Being built by Westcourt builders in collaboration with Four Seasons, the project, named CityView, stands on a 6.5-acre site north of Palace Grounds on Bellary Road in Bangalore. Of the three buildings, one 30-storey tower will house the hotel along with one- and two-bedroom apartments priced at Rs. 4-7 crore on the top nine floors. The second 30-storey building, labelled the North Tower, will be dedicated entirely to residential spaces, and will have generous three- and four-bedroom apartments priced upwards of Rs. 10 crore.

Towering luxury: (clockwise from above, left) An artist’s impression of the living room at a Four Seasons apartment; the campus will have three buildings for the residences, hotel and office spaces; and the residential lobby of the North Tower.
Designed by Studio u+a, with interiors by Yabu Pushelberg and landscaping by P Landscape, both buildings will include duplex penthouses that will be custom-made for buyers. Each floor in the residential tower will have two units with independent elevators. “The biggest distinction is the service component,” says Westcourt’s president and CEO, Vinay Kapoor. In addition to services such as 24-hour valet parking, concierge services and complex-wide Wi-Fi, all residents will be able to enjoy the hotel’s paid services such as room service, limousines, apartment cleaning services or even supermarket shopping and delivery. “We haven’t yet decided on the price points for these services, and might discount them for residents,” says Christopher Wong, vice-president, development, Asia-Pacific, Four Seasons Hotels and Resorts. The North Tower will also have a wine room with dual-temperature wine refrigerators, a media room and sports centre independent from the hotel. The residents will also have a discreet entrance to the hotel lobby.
All 110 residences are being marketed by Sotheby’s International Realty, the real estate division of art auction house Sotheby’s, which has entered the Indian real estate market with this project. “The buyers can be categorized as mostly NRIs and Indian executives in the age group of 35-50 years,” says Philip Grant, project director, real estate sales and marketing, Blueprint Global/Sotheby’s International Realty. Grant is on the look out for clients who want to live the high life, which is perhaps why he is scouting for buyers at Sotheby’s global art events. “I would imagine that people with fine taste will appreciate what we have on offer here,” he says.

CityView is expected to be ready in 2012, but the fact that several similar projects are in the pipeline across the country is an indication of a recovery from the economic lull of 2008-09. Property consultants believe that the new concept of high-end, branded residences in India lends a different flavour by mixing both hospitality and residential elements in the same space.

“Developers can easily fetch a premium of 15-20% on the pricing of such residences, and these are good investment options as well,” says Karun Varma, managing director, Jones Lang LaSalle, a property advisory firm.

While the trend is relatively new, developers in Mumbai and Bangalore have begun toying with the idea of building such branded residences.

Mumbai-based Oberoi Realty is in the last stages of finalizing an international hospitality operator for its south Mumbai (Worli) project, where it plans a hotel and branded residences. Bangalore-based Nitesh Estates, which is developing the Ritz Carlton hotel in the city, is planning similar residences for its second Ritz Carlton project in Chennai.

“These residences would be considered in our mixed-use development projects where you can also build a hotel alongside,” says Ashwini Kumar, chief operating officer, Nitesh Estates. Though they won’t come with a hotel, Mumbai will also get its own set of Trump-branded residences, which will be developed through a tie-up between billionaire Donald Trump’s Trump Organization and local developer Rohan Lifescapes. Priced at around Rs. 40,000 per sq. ft, the 60-storey tower will come up on Hughes Road in south Mumbai.

The above article is from Livemint.

[avinash2060]

Towering luxury: (clockwise from above, left) An artist’s impression of the living room at a Four Seasons apartment; the campus will have three buildings for the residences, hotel and office spaces; and the residential lobby of the North Tower.
http://www.livemint.com/2011/03/2519...e-sky.html?h=B

[avinash2060]

http://www.westcourtre.com/the_westin_development.html

[avinash2060]

Announces India hotel pipeline of 9,000 rooms currently under development
By Yashodhan Jadhav | Mumbai
American hotel operator Hyatt Hotels Corporation has announced that their India project pipeline will consist of more than 9,000 hotel rooms, which are currently under development, covering the entire gamut of brands from Hyatt's portfolio. The hotels are expected to be commissioned over the next three to five years. Apart from the Hyatt brands operational in India, the forthcoming projects will comprise of two new offerings - Hyatt Place, the mid-market brand that will debut in India along with Hyatt's newest boutique brand 'Andaz' coming up in New Delhi.

“Hyatt is present in India since 1982 and we intend to have units in markets where our customers are present. Our experience in managing properties with third party capital speaks volumes about the value that can be created for hotel owners. Going forward, our strategy will be focussed on setting up hotels in destinations where our customers are travelling. Over a period of time, we plan to bring all Hyatt brands to India, given the latent demand for quality hotel rooms across India. Also, the potential locations viable for hotel development is also increasing rapidly. The pipeline that we have announced accounts for all the deals that have been signed by far indicating that the hotels are currently under various stages of development,” said Steve Haggerty, Global Head – Real Estate and Development, Hyatt Hotels Corporation.

India pipeline

The India pipeline of 41 projects announced by Hyatt Hotels Corporation includes 14 Hyatt Regency properties that will come up in Ahmedabad, Bengaluru (Jakkur and Koramangala), Chandigarh, Chennai, Chennai OMR, Ghaziabad, Guwahati, Hyderabad, Jaipur, Lucknow, Navi Mumbai, Surat and Vishakhapatnam. Park Hyatt, the upscale brand targeting business and leisure tourist will come up in Chennai, Hyderabad, Kolkata and Mumbai, while five new Grand Hyatt's will open in Bengaluru (Hebbal), Goa, Gurgaon, Noida and Pune.

Hyatt Place the mid-market brand will debut in India in 2012. The first property is expected to be operational in Whitefield, Bengaluru apart from 13 other Hyatt Place properties slated to open in Aurangabad, Bengaluru (Devanhalli and Varthur), Gurgaon (Sector 80), Hyderabad, Indore, Hinjewadi (Pune), Lucknow, Mangalore, Seepz Mumbai, Mundhra, Mysore and Vadodara.

Haggerty perceived Hyatt Place to gain significant momentum in India and opined that the country possibly has the most locations suited for developing this brand. “Given the fact that very few hotels sell/change hands in India, there is not a lot of liquidity in Indian hotel real estate market; hence, greenfield development will be Hyatt's primary mode of growth. But, this is likely to change in the future, as more supply comes in, thereby making the market more dynamic,” added Haggerty.

Andaz Delhi, the upper upscale offering from Hyatt will also make its first apperance in India by 2013 in the National Capital Region (NCR). Andaz is the new brand from Hyatt's stable targeting transient business and lesiure clientele and will focuss on enhanced service offerings to its guests.

Apart from being present in key Indian markets, the pipeline of 41 upcoming hotels will expand Hyatt's reach in 15 markets across the country. Across all its brand, Hyatt opened 30 hotels globally in 2010 and expects to open 15 in 2011. 40 Hyatt hotels are currently under various stages of development in India.

http://www.travelbizmonitor.com/hyat...-by-2012-13001

Hyatt Regency

• Bengaluru Jakkur

• Bengaluru Koramangala

Grand Hyatt

• Bengaluru (Hebbal)

Hyatt Place

• Bengaluru - Whitefield

• Bengaluru - Devanhalli

• Bengaluru - Varthur

[avinash2060]

The 250-room Conrad Bangalore will be located in the emerging suburb of Indiranagar, a developing Asian IT hub for numerous international firms. Only 25 miles from the Bangalore International Airport and less than five miles from the Bangalore city center, the Conrad Bangalore will offer three restaurants, lobby lounge, executive lounge, specialty bar, ballroom, multiple meeting rooms, health club, spa, swimming pool and business center.
http://hotelprojects.wordpress.com/2...otels-by-2013/

[avinash2060]

Sabari Inn files papers for IPO, to raise Rs 170 crore

By G Balachandar Dec 19 2010 , Chennai
Tags: News
Hospitality firm Sabari Inn, which operates and manages a chain of hotels in Tamil Nadu and Karnataka, has filed a draft red herring prospectus (DRHP) with the Securities Exchange Board of India (Sebi) to tap the capital market to part-fund its expansion projects.

The public issue will comprise fresh issue of shares to raise up to Rs 125 crore and share sale offer by ICICI Prudential Asset Management Company, portfolio managers on behalf of its clients and India Opportunity Real Estate Fund, aggregating to Rs 45 crore.

Promoter KV Ramani and his group hold 51 per cent in the company, while ICICI Pru and India Opportunity Real Estate Fund hold 25 and 24 per cent, respectively. The company is also considering a pre-IPO placement of up to 5,000,000 equity shares aggregating to Rs 20 crore with certain investors, prior to the completion of the issue.

Sabari Inn intends to use the net proceeds of about Rs 125 crore to part-finance its new hotel project in Bangalore, expand its network through long-term lease of properties and repay some debts, according to the document. The company is setting up a four star deluxe hotel at Devanahalli, Bangalore with a total room capacity of 120.

http://www.mydigitalfc.com/news/saba...-170-crore-723

[avinash2060]

Renaissance Bengaluru hotel is centrally located at 36 kilometers from the Bengaluru airport and close to the Bengaluru city's prime commercial, shopping and entertainment center. The hotel overlooks Bangalore Turf Club and is next to Bangalore Golf Club. At Renaissance® Hotels & Resorts, you'll find a place where simple delights become memorable moments. Where distinctive style flirts with touches of whimsy. And where unparalleled service and uncommon sophistication always provide a unique experience.


Guest Rooms

* Bengaluru luxury hotel has 278 exquisite guest rooms and suites
* Experience the stunning view of Bengaluru Turf Club
* Expressive yet functional, classically styled with touches of whimsy in warm, vibrant colors
* Artfully balanced with just the right amenities to accommodate both business and leisure guests
* Enjoy the new Marriott Revive® Bedding with custom duvets and cotton rich lines
* Enjoy daily replenished fresh fruits with complimentary coffee/tea maker in room

http://www.marriott.com/hotels/hotel...grounds-hotel/