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Accor gearing up to enter Mumbai hotel segment
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Saturday, 21 January, 2006, 08 : 00 AM [IST]
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Our Bureau, Bangalore
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Global hospitality major, Accor is preparing to enter Mumbai with a signature Sofitel five star deluxe hotel in the plush Bandra Kurla Complex (BKC). Accor's head of development for South Asia, Uttam Dave, told newsmen that it is likely to be a 250-300 room hotel. The land was bought by Shreenaman Developers for Rs 204 crore in an auction last week organised by Mumbai Metropolitan Region Development Authority (MMRDA). The hotel project is likely to cost over Rs 250 crore.
The Mumbai based developer quoted Rs 1,10,000 per sq mt floor space index (FSI) for 8,092 sq m plot. This will allow development of 18,600 sq m of FSI. Besides, the company has bagged 2,872 sq m FSI at Rs 20.39 crore for residential purposes.
While Accor has a deal with Shreenaman for creating a Sofitel hotel on the plot, discussions are still on to decide whether the international hospitality company will take an equity stake in the project. If an equity partnership is inked, it will be Accor's first investment in the country. Accor is rolling out a Novotel in Hyderabad in management contract with Dubai based developer Emaar. It is also operating a large 5,000 people convention centre also developed by the same company next to the hotel.
Incidentally, MMRDA is also calling for bids for auction of a convention centre with commercial space in BKC next week.
MMRDA has mobilised Rs 1,044 crore by auctioning nine prime plots in BKC. These plots would be developed for both residential and commercial purposes. BKC development is being touted in the realty circles as the second Nariman Point of Mumbai.
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