Signs with Radisson Hotel Group and Sarovar Hotels for two hotel assets in Gaur City Township in Greater Noida West
Saturday, April 6, 2019, 16:51 Hrs [IST]
Gaurs Group, North India’s leading real estate developer, will be venturing big time into hospitality development. The company has signed management agreements with Radisson Hotel Group and Sarovar Hotels & Resorts for two upcoming hotels which form part of the mega Gaur City Township Development in Greater Noida West spread across 237 acres. While 187-room Radisson Hotel is part of the Gaur City Mall development, 72-room Gaur Sarovar Portico is within the Sports complex within the integrated Township.
The 72-room Gaur Sarovar Portico is expected to get operational by Q3 this year, while the Radisson Hotel will take another year’s time to get operational.
According to Manoj Gaur, Managing Director, Gaurs Group, the Sarovar property will have largest banquet facility with capacity to accommodate 10,000 people. The Radisson Hotel will also have 8,000 sqft of banqueting space and two restaurants, he said.
While Radisson Hotel will occupy the top three floors of the 16-storey, mix-use development with one of the largest retail Malls in the region, there will be two floors of Serviced Residences below the hotel with 200 apartment units. These serviced residences will be initially managed by the company itself. “We will sell these units upfront and taken back to operate as Serviced Residences,” said Mr Gaur.
Besides these projects, Gaurs Group is also planning to set up 800 Serviced Apartment, Gaurs Runway Suites, as part of the Gaur Yamuna City development on Yamuna Expressway. The project will be ready in the next two years, Gaur said. He said that the company is in conversation with many international Serviced Apartment operators and will be finalised as the project advances.
Also, in the pipeline is a 120-room hotel in Dehradun, as part of a mix-use development. “The hotel will be part of the largest Mall in Dehradun,” Gaur said. The project is currently in the drawing stage, he said.
“Earlier people were looking only for residential apartment, but now people are demanding all kinds of life style related products and facilities in the vicinity. Looking at that demand we set up school, recreational space, etc., which were received well. There is a growing demand for office, retail, entertainment, hospitality, healthcare, etc. close to their residences. We expanded our portfolio looking at that evolving demand,” Gaur added. There will be 1200 small and medium private offices in the upcoming Gaur City Mall development, which Gaur hoped will create a captive market for the hotel for rooms, meeting spaces, and F&B.
Gaur said that the company stands for ‘walk to school, walk to play, and walk to office’ concept of development and the Gaur City project is the culmination of that vision. He said that the company has registered 200% growth last year achieving INR 4,000 cr of total sales.
He said that the long- term vision of the company is to convert the rental assets into separate REIT (Real Estate Investment Trust). “We would require large portfolio to go for REIT. So, we want to grow our portfolio in the next five years, before exploring opportunities including REIT,” he said.
Present at the briefing Pankaj Giroti, Hospitality Consultant with Gaurs Group said that the company will have a multi-brand portfolio with over 450 rooms under operations in the next three years.
HBI Staff | New Delhi http://www.hospitalitybizindia.com/detailNews.aspx?aid=30220&sid=1