Phoenix Hospitality Company, the hospitality initiative of the Ruia family, promoters of The Phoenix Mills, announced the signing of a long term management agreement with Marriott International.
At a cumulative project cost of approximately Rs 3.20 billion, the hotels will be located at Agra and at Mumbai as a part of mixed-use retail led developments.
The Marriott at Market City Kurla in Mumbai will be approximately a 300 key hotel and developed by Graceworks Realty & Leisure, a company promoted by Phoenix Hospitality and HBS Realtors.
Conveniently located in Kurla, a mere 15-20 minute drive from the International & Domestic Airports, the Marriott Hotel will be ideal for business travelers and a one-stop-shop for tourists. The hotel is situated at the under-construction Phoenix Market City, Kurla complex, a retail and entertainment haven and the first of its kind in Mumbai, featuring the country’s largest multiplex, an iconic mall, restaurants and bars and other exciting outlets apart from an extensive commercial office space.
The Marriott Hotel will be the first international Five Star hotel brand to start operations in the central suburb of Mumbai. Phoenix Market City Kurla will be based on the mixed used development that has successfully worked for High Street Phoenix in Lower Parel, Mumbai. The project spread over 25 acres will consist of approximately 1.35 million sq ft of retail and approximately 1.20 million sq.ft of office in addition to the Marriott. This project is expected to transform Kurla and its surrounding areas, with proximity to both South and North Mumbai, and accessible by both train and metro railway services.
Shishir Shrivastava, CEO – Hospitality & New Initiatives & Chief Development Director for the Phoenix Group said, “Mumbai and Agra are both growing and sustainable markets. The Mumbai hospitality market has witnessed a compounded growth in the demand from the business traveler, both domestic and international whilst Agra continues to attract significant number of leisure travelers. The last 4 to 6 quarters may have been disappointing for the hospitality industry, but we continue to have faith in the Indian consumption story and anticipate increasing demand in the years to come. Hospitality assets are for the long-term and we have an optimistic view for the industry and its potential. We are delighted to have Marriott, a brand recognized for its high quality standards and a far reaching network, partner with us to manage the Kurla and Agra hotels.”
“We are thrilled to add these two exciting hotels to our Indian portfolio,” said Ed Fuller, president and managing director of international lodging for Marriott International. “The Indian travel market is exploding as India`s middle class continues to expand and an increasing number of international visitors come to India for business or tourism or to attend conferences. We are confident that both properties will fill consumer demand for consistent quality and comfort, great service and value and will surpass traveler expectations in their respective markets.”
Marriott International is the second hotel brand to tie up with the Phoenix Group. The superstructure of the luxury Shangri-La Hotel at High Street Phoenix, Mumbai is complete and the hotel is expected to open in the 3rd quarter 2010.