Prestige Estate Projects set to finalise INR 4,250 cr deal with Marriott for six new hotels

According to NDTV, Prestige Estate Projects Ltd. is poised to forge a strategic partnership with Marriott Inc. as part of its aggressive expansion strategy across South Asia, sources familiar with the matter revealed.

The collaboration entails the development of six upscale properties in key regions of the western and southern sectors, marking a significant milestone in Prestige Estate’s growth trajectory. Among the notable projects, Marriott will introduce its prestigious Autograph Collection brand with the debut of a signature hotel in Goa, marking the brand’s inaugural entry into South Asia.

Confirming the development, Prestige Estate highlighted the substantial valuation of these properties, estimated at INR 4,250 crore. With a cumulative inventory of 801 keys, the hotels will be strategically located in Bengaluru, Goa, and Sakleshpur, catering to discerning travelers seeking unparalleled hospitality experiences.

Notably, the agreement encompasses the establishment of 130 key hotels under the renowned Moxy Hotels brand, marking the brand’s second venture in India. Designed to appeal to millennial travelers, Moxy Hotels epitomize affordable luxury within the Marriott portfolio, complementing Prestige Estate’s commitment to delivering exceptional value to its guests.

Prestige Estate disclosed that the projects are slated for completion within two to five years, underscoring the company’s steadfast commitment to timely execution and operational excellence.

In addition to the Autograph Collection and Moxy Hotels, Prestige Estate plans to introduce Tribute hotels in Goa, JW Marriott in Karnataka’s Sakleshpur plantation, and three additional hotels in Bengaluru, further diversifying its hospitality portfolio and enhancing its market presence.

Despite facing a 22% decline in third-quarter revenue, totaling INR 1,796 crore, and a 2% decrease in net profit, amounting to Rs 269 crore, Prestige Estate remains bullish on its hospitality segment’s growth prospects.

With a total hospitality capex of INR 1,699 crore as of December 2023, Prestige Estate is well-positioned to capitalise on upcoming projects, including the six properties in collaboration with Marriott. The group’s robust pipeline comprises 10 hospitality projects, encompassing 1,489 keys, indicative of its commitment to driving sustained growth and delivering exceptional value to its stakeholders.

Read Previous

Jefferies bullish as hotel room rates surge 30% from pre-COVID levels

Read Next

Ayodhya Set to Become the Largest Spiritual Destination: Puneet Chhatwal

Leave a Reply

Your email address will not be published. Required fields are marked *

Most Popular

Download Our Magazine