DLF to buy Ritz Hotel property in Amritsar

Real estate major DLF has acquired the Ritz Hotel property in Amritsar. The cost of the acquisition is expected to be about Rs 72 crore (the property includes 2 acres of land and a hotel with about 40 rooms). The firm will re-develop the property into an international-standard business hotel with a leading brand.

According to sources in DLF, it has recently acquired the property. The group is also interested in evaluating sites in over 12 cities in northern India for hotels of various formats, including business hotels, budget hotels and serviced apartments.

In addition, DLF will also co-locate various formats in retail, office and IT park development.

Talking to Business Standard, the chairman of the CII (Amritsar Zonal Council), Gunbir Singh, said, "With major real estate companies showing interest in investing in hotel and real estate projects in Amritsar, we are hopeful that they will change the face of the city in two years."

Singh said hospitality major Radisson and Marriot was coming up with a hotel in Amritsar and construction was going on fast. He further added that the Tatas had bought a piece of property in Amritsar.

"The requirement in Amritsar fell short by 1,500 rooms and with so many hoteliers coming in, we are hopeful that the gap would be filled by March next year," he said.

In the posh locality of Ranjit Avenue in Amritsar, six business budget hotels are coming up.