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Indian Real Estate News : Mumbai
Oberoi Realty, Bulgari hotel talks fall through
Source: ET Bureau Feb 12, 2013

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.

Tag: property buying in india, real estate trends, property of india, real estate in india, mumbai properties
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