Asian Hotels (West), has announced its expansion plans in the hospitality business.
The company which owns the 400+ room hotel- Hyatt Regency in Mumbai will be developing a 500+ room hotel through its subsidiary, Aria hotels and Consultancy Services (Aria hotels) at a total project cost of INR700 crores.
The company has entered into a 30 year management contract with Marriott International to develop the first JW Marriott hotel in Delhi with 500+ guestrooms, various dining, conference and banquet facilities.
The company is also developing a multi-level commercial and retail complex on the same site.
This development is taking place within the hospitality district of Delhi International Airport’s ‘Aerocity’ close to the recently launched T3 terminal at Indira Gandhi International Airport.
Sushil Gupta Managing Director of Aria Hotels and Chairman and Managing Director of Asian Hotels (West) said “We are delighted to partner with IL&FS Investment Managers, one of the largest private equity investors in the country. Their interest in sharing knowledge with the management and their relationship with the investment community will add value to us in several ways and benefit the shareholders”.
The entire loan of the JW Marriott Delhi project has been tied up with the consortium of public sector banks led by Union Bank of India.
Asian Hotels (West) will continue to undertake developments in the five star deluxe hospitality market as well as in the mid-market segment.
In the mid-market segment, it has plans to develop a Clarion Hotel in Pune with an inventory of 100 rooms and will continue to expand its portfolio of Clarion-branded hotels through its association with a group company ‘Inovoa Hotels & Resorts Ltd.’ (IHPL), which has an exclusive Master Franchise Agreement for the Clarion brand.
IHPL has recently opened its first 130 room hotel property under its upscale “Clarion Century” Brand at Whitefield, Bengaluru. Hillwood Corporation USA, a Ross Perot Jr. company, is an investor in Inovoa Hotels & Resorts.
