US-based St Regis Hotels and Resorts and LSE-listed Mandarin Oriental are in the final stages of talks with Mumbai-based property developer Oberoi Realty to manage the latter’s upcoming hotel property in Worli, said a person close to the development.
The 4,00,000 sq ft five star luxury hotel will be part of the Oasis project in Worli. The hotel chain will also manage the branded residences which are part of the project, the source said. Currently, Oberoi is also in advanced stages of talks with a leading contractor for the mixed-use property which has hotel, residential and office components.
Oberoi Realty Managing Director, Vikas Oberoi, declined to comment on the names of the chains with which Oberoi Realty was holding talks.
Meanwhile, Oberoi Realty on Friday said it has recorded a profit after tax of Rs 205.23 crore in the third quarter, a rise of 57% compared with Rs 130.91 crore in the corresponding quarter of the last financial year. The company also posted a growth of Rs 420.49 crore in its revenues, a 95 per cent growth, compared with Rs 215.56 crore the year-ago period.
Starwood’s brand Westin runs a hotel in Oberoi’s Garden City in Goregaon, Mumbai. Besides St Regis, Starwood runs hotels under Le Meridien, Sheraton, Westin, W Hotels among others.
Last year, NYSE-listed Starwood had announced its plans to expand the existing portfolio of 26 hotels in India by 60 per cent by 2013. “As a point of perspective, consider that India, with a population of one billion people, has just 1,00,000 hotel rooms, while New York City alone has roughly 80,000 hotel rooms,” Starwood President and CEO, Frits van Passchen, said.
Mandarin Oriental Hotel group runs 42 hotels in 27 countries which has a total 10,000 rooms.
