Mumbai will have to wait a while longer for its ultra-luxury
Bulgari hotel, as talks between the Italian hotel brand and Oberoi RealtyBSE
2.00 % have fallen through.
Oberoi Realty, which is looking for a partner to run a hotel
in Mumbai's Worli area, is now in talks with Ritz Carlton and St Regis. It had
earlier negotiated with Waldorf Astoria and Raffles, after its talks with
original suitor Mandarin Oriental failed last year.
Vikas Oberoi, managing director of Oberoi Realty said the
company has signed MoUs and is under a confidentiality agreement but did not
comment further on talks with Ritz Carlton and St Regis.
St Regis, which is owned by Starwood Hotels, signed up a
hotel in 2011 in Noida which will open in 2016 while Ritz Carlton, a brand
owned by Marriott, has properties opening in Bangalore and Pune.
The Pune property is a 202-room hotel in partnership with
Panchshil Realty. A spokesman for Marriott declined to comment. An executive at
Starwood, which runs the St Regis brand, said talks were on but declined to
give any further details.
Starwood already has an existing relationship with Oberoi
Realty - the company's first hotel in Mumbai's Goregaon area is a Westin (a
Starwood brand), under a 20-year management contract. The Oberoi Realty
property in Worli is a 225-room five-star luxury hotel, part of a larger 3.1
million sq ft mixed-use development that will also have 200 residences which
might also be managed by the operator the company finalizes for the hotel. The
under-construction hotel is expected to be ready by mid-2015.
Recent reports by hotel consultancy HVS said that 93,355
branded hotel rooms are expected to come up across the country in the next
three to four years.