- Chalet and Mindspace are developing the Ritz-Carlton in Hyderabad.
- The 330-key project is estimated at $310,000 per room.
- It is scheduled to open in 36 months.
CHALET HOTELS LTD. and Mindspace Business Parks REIT, both part of K Raheja Corp, are developing the first Ritz-Carlton in Hyderabad, Telangana. It will be the company's third hotel in the city.
The company’s board approved the 330-key hotel project with 36,255 square feet of commercial or retail space in Madhapur, Hyderabad, according to The Economic Times. The hotel will be part of a project on a warm shell lease through Mindspace.
Mumbai-based Chalet is led by Chairman Hetal Gandhi and MD & CEO Shwetank Singh. Mindspace REIT is led by CEO & MD Ramesh Nair. Vinod Rohira is MD & CEO of Commercial Real Estate and REITs at K Raheja Corp.
"Chalet is planning an investment of approximately $69.3 million, financed through a combination of debt and internal accruals," Singh said. "With Mindspace Business Parks REIT contributing $33 million for the building's shell, the total project cost is estimated at $102.3–$107.8 million, bringing the development cost for the 330-key hotel to roughly $310,000 per room."
He said the project is scheduled to be completed in 36 months or sooner.
"We have a good deal through our association with Marriott International and this will be Chalet Hotels’ first ultra-luxury project,” Singh said. “We chose Hyderabad because it has been a strong market for us and continues to grow."
Chalet recently opened the 158-key Aravali Marriott Resort & Spa in Faridabad, Haryana, in the Aravali range, accessible from Delhi NCR.
