The Banking and Strategy Initiative

Chillin' out till it needs to be funded

The new Marriott partner

Phoenix signed with Marriott for a 300000 SFT 250 room hotel for 350 Crores in its 25 acre (11lakhsft) property in Kurla named the Phoenix Market City

Meanwhile Room tarriffs are again robust though not near their peak in 2007..The holiday season is also likely to bring good tidings. From all indications, India’s tourism story has clocked the same foot fall as 2007 after a sad 2-3 months in late 2008 and that itself is great news. I know a couple of partners in Bangalore that can make it worthwhile for the Marriott to come here as well.

Good Business accommodation was also planned earlier but only muted response has been got from Choice Hotels ( Quality Inn) and Ramada ( one each in Chennai)

The Agra and Mumbai properties open in 2012 along with another 24 properties as per Vipin Menon VP/COO of Marriott in the APAC. Agra would probably be one of the first Courtyard properties in India, providing Delhi and Agra business visitors with good choice.

In other lifestyle developments in Bangalore we also noticed a couple of luxuries at UB City and the Forum Value Mall. Toscano’s serves great authentic Italian and French riviera cuisine in a austerely awesome decor at both places, while Oakwood Prestige rivals 5 and 7 star accommodation with sleepover suites / furnished accommodation at a price for unlimited duration and provides a dryer, oven and ‘Tata sky’ in the apartments Old favorites Royal Orchid and the Innovative Film City continue to draw regulars. While the Leela, Windsor Manor, Oberoi and Taj remain as overbooked and as rich as always..The recession that beat everyone has not caught this spending power in the consumers hands but it has slowed capacity expansion in the space.

Parsvnath signed up with Carlson in 2006 for Fortune grade properties in Chandigarh, Jodhpur, Kochi and Amritsar for INR 125 crores for 100 rooms each. It also owns a lot of space on the Delhi Mumbsi route near Ajmer ( 200+ kms from Delhi, after Jaipur)

Also check out other midcap stories in the space earlier as ITC Fortune and Mahindra Holidays started off the tentative knocks on prosperity’s door earlier in June/July. Delhi and Mumbai have run out of space but continue to grow in far away suburbs with luxury accommodation, affordable guest houses ( at what price!) and finally some refurbished space in the center of town..Go Phoenix!

I also hope though i doubt, such construction would also come near the vaunted Freight and Business Corridor project between Mumbai and Delhi which is still being planned and the Delhi Agra Taj Corridor project where the new airport and F1 track are coming. The Courtyard is overbooked right now!

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