Oberoi Realty to launch Ritz-Carlton in Mumbai - Times of India
Oberoi Realty to launch Ritz-Carlton in Mumbai
The American brand hotel is being planned in Worli and is expected to come up by 2016 at a cost of Rs 750 crore.
MUMBAI: Revving up its hospitality play in India, Oberoi Realty is all set to bring iconic luxury brand Ritz-Carlton to Mumbai. The American brand hotel is being planned in Worli and is expected to come up by 2016 at a cost of Rs 750 crore. The project will be developed by Oasis Realty, an equal joint venture between Vikas Oberoi-headed Oberoi Realty and Sahana Group. After its launch in Bangalore, this will be the second Ritz-Carlton in India.
A building with 140 apartments will also come up adjacent to the hotel on the same premises. The apartment sizes will be in the range of 6,500 sqft to 20,000 sqft. The 20,,00 sqft apartment would reportedly be the largest ever in the city and will be worth at least Rs 100 crore. The Rs 50,000 per sq ft rate excludes floor rise and other add-ons.
"The 238-key hotel project will be funded from the sale proceeds of the residential units," said Oberoi (44). In a rare move in the hospitality industry, the residences too will be managed by Ritz-Carlton, a part of the Marriott chain.
Ritz-Carlton's Mumbai plans have been unveiled at a time when the hospitality industry is going through a rough patch, where demand is being outpaced by supply. However, both the developer and hotel operator are upbeat about the long-term growth prospects. “This will be one of the crown jewels in our portfolio, not only in India but also globally," said Paul Foskey, executive vice-president, hotel development, Asia-Pacific, Marriott International. Ritz-Carlton operates 85 luxury hotels across the globe.
Work on the 2.1 million sqft project, which is less than a km from the Bandra-Worli Sea Link, is already underway, with the hotel reaching eighth floor and the residential tower reaching the 45th floor. Oberoi said that 19 people who had booked apartments at the firm's nearby project have shifted their deals to this new project.
Property experts said that multi-crore price tags are not a deterrent to sales of uber-luxury apartments as there is always a niche clientele available. The apartments, said Oasis, will have concierge and butler services for its residents.
