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Indian Real Estate News : Bangalore
Prestige to Acquire Radisson Hotel project in Bangalore
Source: Indian Realty News Jun 10, 2010
The IPO-bound Prestige Estates, a south-based real estate major, may be acquiring an under development Radisson Hotel project in the Whitefield suburb of Bangalore. This is part of the company's efforts in consolidating its hospitality interests - which currently include Oakwood Premier Serviced Residences, Angsana Oasis Spa, and the proposed Hilton Hotel - into a sizable business segment and parked under Prestige Leisure Resorts Pvt Ltd.

Prestige was buying out the 200-key project for an undisclosed amount, which has been put on the block by D K Adikeshavulu, an influential regional politician and Chairman of Tirumala Tirupati Devasthanam (TTD). Prestige is planning to buy the asset from Adikeshavulu's Chaitanya Property Pvt Ltd, which is the land partner in the 105-acre Prestige Shantiniketan development in the IT/ITeS suburb of Bangalore, the VCCircle has reported, citing baking sources. Last year, Duet India Hotels Asset Management had entered an initial agreement to acquire the project from Adikeshavulu, but did not go ahead with the deal.

Chaitanya Property Pvt Ltd, through a subsidiary, was developing the hotel after inking a management contract deal with Radisson Hotel & Resorts in 2005. The delayed project is still under development (between 60-70 per cent completion achieved) and it is not clear whether Prestige will be acquiring it along with the Radisson management contract, or just the project, a second source added.

"The project has suffered long delay with the original promoter putting the property on the block sometime ago," this source explained. The development comes even as the parent Prestige Estates is in the midst of an IPO roadshow. Prestige has been working on a Rs 1,200-crore issue since November last year for which it received SEBI approval two months ago.

Tag: Real Estate India, India Properties, Developer, Prestige Developer
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