Prestige Estates Projects will collaborate with DB Group into building one of the largest hotel and convention centre in the country at Delhi International Airport Ltd (DIAL) Aero City at a cost of Rs 2,000 crore.
Prestige will bring in Rs 355 crore and hold 50 per cent equity stake in the joint venture.
DB Group had acquired development rights on the 7.7 acre land parcel in 2009 from DIAL. The excavation work has been completed and the proposed time to complete the project is 2022.
The project is close to the existing JW Marriot Hotel. It will be one of India's largest hotel with about 932 keys, a convention facility of over two lakh square feet (20,000 seat capacity) and office spaces with a business centre of about 6.5 lakh square feet.
The development will have a built-up area of about 35 lakh square feet in the hospitality district of Indira Gandhi International Airport.
"This strategic collaborative model will help us make an impactful entry into the NCR region," said Chairman of Prestige Group Irfan Razack. "The transaction is in line with our strategy of steady, focused acquisition and capitalise on consolidation opportunities."
Currently, the group has eight operating luxury hotels with 1,262 keys and 297 keys under construction.
Prestige Group has completed 236 projects so far with developable area of 12.3 crore square feet and has 48 ongoing projects across segments with total developable area of 4.8 crore square feet. In 2018-19, it clocked a consolidated turnover of Rs 5,284 crore with an operating income of Rs 1,566 crore.
Disclaimer: No Business Standard Journalist was involved in creation of this content
