To set up Marriott hotels at Phoenix Market City, Mumbai and Phoenix United, Agra.
Phoenix Hospitality Company Pvt. Ltd., the hospitality initiative of the Ruia family, promoters of The Phoenix Mills Limited, announced the signing of a long term management agreement with Marriott International here today. At a cumulative project cost of approximately Rs. 320 crore, the hotels will be located at Agra and at Mumbai as a part of mixed-use retail led developments.
The Marriott at Market City Kurla in Mumbai will be approximately a 300 key hotel and developed by Graceworks Realty & Leisure Pvt. Ltd. a company promoted by Phoenix Hospitality and HBS Realtors. Conveniently located in Kurla, a mere 15-20 minute drive from the International & Domestic Airports, the Marriott Hotel will be ideal for business travellers and a one-stop-shop for tourists. The hotel is situated at the under-construction Phoenix Market City, Kurla complex, a retail and entertainment haven and the first of its kind in Mumbai, featuring the country’s largest multiplex, an iconic mall, restaurants and bars and other exciting outlets apart from an extensive commercial office space.
The Marriott Hotel will be the first international Five Star hotel brand to start operations in the central suburb of Mumbai. Phoenix Market City Kurla will be based on the mixed used development that has successfully worked for High Street Phoenix in Lower Parel, Mumbai. The project spread over 25 acres will consist of approximately 1.35 million sq ft of retail and approximately 1.20 million sq.ft of office in addition to the Marriott. This project is expected to transform Kurla and its surrounding areas, with proximity to both South and North Mumbai, and accessible by both train and metro railway services.
The Courtyard by Marriott Hotel at Agra will be developed by Gangetic Hotels Pvt. Ltd. promoted jointly by Phoenix Hospitality Company Pvt. Ltd., Mr. Priyank Tayal and Mr. Amitabh Tayal. The hotel will form a part of a larger Phoenix Market City mixed-use development, promoted by Big Apple Real Estate Private Limited, in which Phoenix Mills Limited has a majority stake. Agra, a world-renowned leisure and tourist destination thanks to the Taj Mahal, also attracts the MICE segment due to its proximity to Delhi. The approximately 165 key Courtyard by Marriott Hotel is ideal for tourists and business travelers.
Shishir Shrivastava, CEO - Hospitality & New Initiatives & Chief Development Director for the Phoenix Group said, “Mumbai and Agra are both growing and sustainable markets. The Mumbai hospitality market has witnessed a compounded growth in the demand from the business traveller, both domestic and international whilst Agra continues to attract significant number of leisure travellers. The last 4 to 6 quarters may have been disappointing for the hospitality industry, but we continue to have faith in the Indian consumption story & anticipate increasing demand in the years to come. Hospitality assets are for the long-term and we have an optimistic view for the industry and its potential. We are delighted to have Marriott, a brand recognised for its high quality standards and a far reaching network, partner with us to manage the Kurla and Agra hotels”
“We are thrilled to add these two exciting hotels to our Indian portfolio,” said Ed Fuller, president and managing director of international lodging for Marriott International. “The Indian travel market is exploding as India’s middle class continues to expand and an increasing number of international visitors come to India for business or tourism or to attend conferences. We are confident that both properties will fill consumer demand for consistent quality and comfort, great service and value and will surpass traveler expectations in their respective markets.”
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Marriott International is the second hotel brand to tie up with the Phoenix Group. The superstructure of the luxury Shangri-La Hotel at High Street Phoenix, Mumbai is complete and the hotel is expected to open in the 3rd quarter 2010.
About Phoenix Hospitality
Phoenix Hospitality Company Pvt. Ltd. (PHC) is the hospitality initiative of the Ruia family, promoters of The Phoenix Mills Limited. The Phoenix Group is primarily in the real estate development business with a focus on large retail-led mix-use developments across India.
PHC currently has 6 premium hotels under development namely; The Mumbai Marriott Hotel, Kurla, The Shangri-La Hotel, Mumbai, The Courtyard by Marriott, Agra, a Premium and Mid-Market Hotel combination at Pune, a 5 Star full service hotel at Chennai and a 4 Star upscale property at Bangalore.
The Group believes that the Phoenix Market City Model for Tier I Cities is the ideal way forward to create feasible and synergetic development formats.
The commercial and retail spaces within such mix-use developments are automatic drivers to the hotels creating great synergies with the hospitality assets. Mix-use developments allow complete control on the quality and positioning of the real estate development in the immediate vicinity.
The Company intends to develop the hotels and enter into a management arrangement with leading Hotel Operators that will manage the hotels.
About Marriott International
Marriott International is a leading lodging company with more than 3,300 lodging properties in 68 countries and territories. Marriott International operates and franchises hotels under the Marriott, JW Marriott, The Ritz-Carlton, Renaissance, Residence Inn, Courtyard, TownePlace Suites, Fairfield Inn, SpringHill Suites and Bulgari brand names; develops and operates vacation ownership resorts under the Marriott Vacation Club, The Ritz-Carlton Destination Club, The Ritz-Carlton Residences and Grand Residences by Marriott brands; operates Marriott Executive Apartments; provides furnished corporate housing through its Marriott ExecuStay division; and operates conference centers. The company is headquartered in Bethesda, Maryland, USA, and had approximately 146,000 employees at 2008 yearend. It is recognized by BusinessWeek as one of the 100 best global brands, by Fortune as one of the best companies to work for, and by the U.S. Environmental Protection Agency (EPA) as Partner of the Year since 2004. In fiscal year 2008, Marriott International reported sales from continuing operations of nearly $13 billion. For more information or reservations, please visit our web site at www.marriott.com