Newstrack

Suncity setting up hotels as part of upcoming commercial hub

Sanjeev Bhar - New Delhi

Suncity Projects is constructing three hotels at Jaipur, Mohali and Greater Noida. All three hotels will be part of its commercial hub projects and will be managed by hotel management companies. Speaking to Express Hospitality, Laxmi N Goel, chairman, Suncity Projects said, "The hotels that we will be constructing are going to be the part of our commercial hub project. We are looking for management alliance for these hotels, which will be ready for operation by the end of 2008 and are expecting to enter into the management alliance very soon." He said that it is too early to comment on the possibilities of a tie-up, but revealed that many international and domestic hotel players have approached the company.

Although, the group has allocated Rs 13,000 crore for its various real estate projects but Goel hesitated to furnish financial details with respect to group's hotel constructions. The Mohali hotel is speculated to be a four-star category, while the other two would be five-star deluxe hotels. The hotels at the three cities will range between 200-250 rooms, constructed over 25 acres of land within the respective commercial hubs. The hubs would also comprise multiplexes, office complexes, gaming zones and shopping malls.

"The company is going to accrue funds for expansion through foreign institutional investments, internal accruals, bankers, mutual funds and FDI," said Goel. Beyond hotels, the group has also planned to build an amusement park on 180 acres of land in Greater Noida as part of its upcoming commercial hub. An outsider would operate it and search for a relevant partner is on, informed Goel.