Newstrack

Prestige bullish about service apartments

Priya Krishnaswamy - Bangalore

After having tasted success in its foray into the service apartment segment, Prestige Leisure Resorts is coming up with one more project in this niche segment in Bangalore. Mangalore and Hyderabad are the other cities where service apartments are planned.

Considering that Bangalore has a "House Full" board in all of its hotels, service apartments is the new mantra of the city. Nawabzada Omar Bin Jung, managing director, Prestige Leisure Resorts, commenting on the sudden rise in service apartments said, "With an increasing number of people travelling to Bangalore, whether on business or pleasure, the demand has skyrocketed for properties that cater to domestic and international companies who have employees on long-term assignments. Hence there is great potential in Bangalore for upscale serviced apartments and this is a good opportunity for Prestige who is always looking to find new markets for their developments. Our contract with Oakwood is only the first step towards such innovations."

The first luxury serviced apartment, scheduled to open by the first quarter of 2007 will be entirely managed by Oakwood Worldwide with Prestige owning and developing it. Designed for international travellers who demand style along with the latest technology, the new Oakwood Premier will be part of the much-awaited UB City located in the heart of Bangalore. The second serviced apartment is to be built in Devanahalli, Bangalore where the international airport is to be developed. "Devanahalli is next focal point of development in the city and a lot of hoteliers are investing in projects around the airport. At Prestige, we thought that this would be the right thing to do as we can offer comfortable stay to the guests at the luxury serviced apartments near the airport," added Omar. The project would take at least two years before it can roll out.