World Famous Ritz-Carlton Hotel Completed In City By 2010
By Nina Rai Daijiworld Media Network
Bangalore Dec 9: Ritz-Carlton Hotel Company, L.L.C., global leaders in the luxury hospitality segment announced its first Ritz-Carlton hotel in the country. To be built at an investment of Rs.500 crore, the hotel will be a 267-room, super premium five-star property. City based real estate developers Nitesh Estates are developing this super luxurious hotel in the nation’s third-largest city, which will be completed by early 2010.
According to industry analysts with the heavy inflow of business travelers and the country’s highest Average Room Rentals (ARR), the city seems to be an ideal choice for The Ritz-Carlton hotel. Besides, the highest ARR in the domestic market in the city also boasts of a higher room occupancy rate than the all-India average.
In an official press release Simon F. Cooper, president and chief operating officer Ritz-Carlton group declared “India represents the next great international expansion opportunity for The Ritz-Carlton Hotel Company”. “Nitesh Estates, the Bangalore-based developer, has committed to building a world-class hotel in the heart of the city’s central business district,” he added.
Joseph E. Azrack - President And Ceo, Citigroup, Nitesh Shetty – Managing Director, Nitesh Estates, David H. Schaefer – Managing Director & Head Asia Pacific, Citigroup and the most Rev. Bernard Moras, Archbishop of Bangalore at the ground breaking ceremony of Ritz Hotel, Bangalore
Ritz-Carlton Hotel Company:
The Ritz-Carlton Hotel Company, L.L.C. of Chevy Chase, Md., (USA), operates 63 hotels in the Americas, Europe, Asia, the Middle East and Africa. Over 30 projects are currently underway with openings planned for China, Japan, Russia, Ireland, Dallas, and Denver in 2007. The Ritz-Carlton Hotel Company is the only hospitality company to have twice earned the prestigious Malcolm Baldrige National Quality Award, which recognizes outstanding customer service.
Nitesh Estates:
Nitesh Estates, headquartered in the city, is a leading property-development company having a portfolio filled with luxury apartments, office buildings and retail space. Moreover, it has interests in outdoor media, infrastructure and health care. With a presence in over eight cities across the country, Nitesh Estates is the real estate wing of the Nitesh Group. The tie-up also marks the realty company's foray into the hospitality segment. The young MD of Nitesh Estates, Nitesh Shetty proudly declared “We are delighted that The Ritz -Carlton Hotel Company will be entering the Indian market in association with us. We hope to continue this partnership in other cities, as well.” he added.
The Ritz-Carlton, Bangalore will offer several restaurants, extensive meeting and events space, a luxurious spa and outdoor swimming pool, and an entire floor dedicated to high- end retail store boutiques. In addition to spacious rooms and suites, the hotel will include The Ritz-Carlton Club, a private floor accessible only by elevator key and offering light fare and dedicated concierge service throughout the day. Wimberly Allison Tong & Goo will be the architects and founder of design firm Hotel Interior Designs, Peter Silling will be the interior designer, informs the official press release.
Ashok Ganguly, Nitesh Estates vice president (Marketing & Communications) informed that the project will be financed via private equity from Citigroup and through debt from Indian institutions. He opined that in view of limited room supply in the city centre and central business district of the city, there is great scope and potential for this kind of a hotel. Also according to Ganguly, the company has plans of developing properties across Kochi, Chennai, Bangalore, Mysore, Mangalore, Goa, and Kolkata.