Canada’s Four Seasons Hotels and Resorts today announced setting up of its second luxury hotel in India in partnership with real estate firm The 3C. The luxury hotel will come up in The 3C’s mixed use project -- Delhi One located in Noida at an estimated cost of Rs 3,500 crore.
Four Seasons already has one operational hotel in Mumbai and is looking to add two more to its kitty in Bangalore and Goa, Four Seasons Hotels and Resorts Asia Pacific Hotel Operation President Chris Hart said.
"We have been looking at India for a long time. We have one under construction property at Bangalore, one in Delhi-NCR and the third one is in planning and development stage in Goa. So, we now are looking at four tangible projects in India," he said.
While the Mumbai property started in 2008, the Bangalore project will be operational by 2015, Noida by 2016 and Goa by 2018. Besides a 300-key five star hotel in Noida, Four Seasons will also offer 180 branded residences in this project which will be sold by invitation. Out of 92 Four Seasons hotels across 38 counties, 27 have residential components, Hart adds.
The current economic slowdown will not influence its decisions as it looks at the country with a long term perspective. "India has a huge growth potential, with a growing middle class, its population is increasing. Also, the number of outbound travellers from India is increasing. So , we need our brand presence here. When people travel abroad they would like to stay with us," he said.
Four Seasons has entered into an exclusive agreement with The 3C for 25 years. Delhi One project is also funded by Red Fort Capital. The project is spread over 12.5 acres and apart from the hotel, it will have three adjoining towers of Four Seasons Private Residences connected to the hotel via a Sky Bridge, five commercial office towers as well as luxury retail, high end restaurants and cafes. The project is conceived by world renowned architectural firm Woods Bagot with interiors designed by Yabu Pushelberg .
About 3.5 million sq ft of area would be developed in this project, comprising 2 million sq ft of office and 3,00,000 sq ft of luxury retails."We will be selling these residences by invitation at Rs 22,000-26,000 per sq ft. The size of flat is about 7,500 sq ft," Vidur Bharadwaj, Director, The 3C Company, said.
