Phoenix Mills plans new hotel in Bengaluru and Mumbai
Leading retail mall developer Phoenix Mills has plans to launch new hotels in Bengaluru and Maharashtra. The firm is building a 400-key premium hotel at the mixed-use project Marketcity in Bengaluru and forged a tie-up with Hyatt International to manage the hotel under the Grand Hyatt brand. The company is expected to spend Rs 600 crore capex on it.
Further, the firm has recently bought an 11-acre land parcel in Thane near Mumbai. The project is likely to have another premium hotel with 600 keys. The estimated cost of the project is nearly Rs 800 crore. After completion Phoenix’s office portfolio is expected to rise about four-fold to seven million sq. ft., creating a revenue potential of Rs 1,000 crore by FY28, as against Rs 170 crore expected in FY24.
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