Ireo to invest $700m in hotel chain
India real estate investor Ireo will pump $700 million into luxury residences and hotel development in Gurgoan. The fund has tied up with the global hotel chain Hyatt to manage the project.
"The project cost will be between $650-700 million," Pankaj Dugar, Ireo's senior vice-president, told The Economic Times. "We have entered into management agreements with Hyatt Hotels Corporation for branded 'Grand Hyatt' residences and a 'Grand Hyatt' hotel in our large township project in Gurgaon."
Ireo has a raised $2 billion since 2004 for developing realty projects in India. The 29-acre Gurgoan project, which includes 265 branded homes, a 460-room luxury hotel and around 400,000 square foot of office space, is to be funded through a mix of debt and equity. It is scheduled for completion in 2017.
Chicago-headquartered Hyatt Hotels currently manages around 10 hotel properties in India but this project will be the hospitality chain's first entry into the branded residences segment in India.
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