Schloss Bangalore to build 250-room ‘Leela' luxury hotel in Mumbai's Bandra-Kurla Complex
A consortium led by Schloss Bangalore has been allotted 2.1 acres in BKC by Mumbai Metropolitan Region Development Authority (MMRDA) for a ₹ 1,302 crore lease premium, the newly-listed company said in a regulatory filing on Tuesday.
The land parcel in BKC's prime G block has a total permissible built-up area of over 3.62 lakh sq ft. Of the total payable premium for the 80-year lease, 25% is payable within two months of the offer of allotment, and the remaining 75% within 10 months thereafter.
The Schloss Bangalore-led consortium that includes Arliga Ecospace Business Park and Schloss Chanakya had submitted its bid for the land parcel in February. Schloss Bangalore and subsidiary Schloss Chanakya will hold 50% in the consortium, while Arliga Ecospace Business Park will hold the remaining 50% stake along with its affiliates.
'The possession of the aforesaid plot shall be handed over after the payment of the total lease premium,' the filing said.
Schloss, which operates 'The Leela' brand of hotels across cities, plans to open seven new 'Leela' branded luxury hotels in spiritual, hill stations, wildlife, heritage and grandeur, and business categories in the next three years.
The new hotels will be built in Ayodhya, Ranthambore, Gangtok, Srinagar, Bandhavgarh, Agra, and Mumbai, as Schloss plans to expand its portfolio to 20 from 13 hotels, catering to the luxury traveller.
Schloss has 13 hotels with 3,353 keys, and the seven new hotel projects will add another 678 keys. Five of the seven new hotels will be owned, and the remaining two will be managed or franchised.
'Our focus is on luxury, which is where demand is being generated. In comparison, the supply of luxury hotels is limited," Anuraag Bhatnagar, CEO, The Leela, said in an interview with Mint in May.
In 2019, Hotel Leelaventure Ltd completed the sale of its hotel properties to New York-headquartered Brookfield Asset Management for ₹ 3,950 crore. C.P. Krishnan Nair set up the hotel chain in 1986.
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