Realty developer Phoenix Mills plans to develop hotels to strengthen its hospitality portfolio further. The Mumbai-based firm recently signed a management agreement with Hyatt International for its new hotel in Bangalore. The upcoming hotel will be branded ‘Grand Hyatt‘ and is expected to be operational by FY28.
The new Grand Hyatt Bangalore hotel will be developed at an estimated INR 600 crore capex. It will be a premium hotel featuring 400 keys and ample luxury amenities. Additionally, Phoenix Mills recently bought an 11-acre plot near Mumbai’s Thane and will likely develop another hotel on this land parcel. It will feature 600 keys for an estimated investment of INR 800 Crore.
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Apart from the hospitality segment, Phoenix Mills also has plans to invest in commercial properties to augment its revenues. The company’s office portfolio is expected to rise fourfold to nearly 7 Mn-SqFt with an estimated rental income of INR 1,000 Crore by FY28. Moreover, Phoenix also recently bought a land parcel in Haryana with plans to venture into the warehouse sector.
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