Chembur to get its first five star hotel
Mumbai’s central railway suburbs will get a large five star hotel soon. Acron Hospitality is planning to open a luxury hotel with 225 rooms at an estimated cost of around Rs 200 crore in Chembur.
So far all the five star hotels have come up around Mumbai’s western railway lines such as the Churchgate or Nariman Point area in South Mumbai, Parel or Worli in Central Mumbai, Bandra West and East and in Andheri, which is close to the airport.
John Britto, director, Acron Hospitality said, “The hotel will have conferencing and meeting facilities. The investment in the project, including land cost is likely to be between Rs 180 crore and Rs 200 crore.” Britto said the company has got all the necessary approvals from the government and work on the project is expected to begin this year.
The company is in talks with various banks and financial institutions for raising funds for its projects. It aims to keep the debt-equity ratio at 1.5:1 for the Mumbai project.
Acron Hospitality is likely to enter into a management contract with Fortune Park Hotels, a wholly owned subsidiary of ITC Group to manage the Chembur hotel on its behalf.
Acron is also looking at constructing serviced apartments and villas in Puducherry, Kerala, Tamil Nadu and Karnataka. “We might again tie-up with Fortune Park Hotels for managing these serviced apartments,” Britto said.
Source:http://www.realtyplusmag.com/rpnewsletter/fullstory.asp?news_id=7287&cat_id=3
Filed under: Builders/ Developers, Hotels/ resorts, Mumbai, New projects Tagged: Acron Hospitality, Chembur, Five Star Hotel, Mumbai 
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