Portfolio
Market City Hospitality, Bangalore
Project Details:
Asset Class : Hotel and Serviced Apartments
Size : 400,000 square feet
Yatra's Commitment : EUR 10.16 million
Location : Bangalore, Karnataka
Development Partner : Phoenix Hospitality Company Private Limited
Investment Date : March 2008
Equity Stake : 30 %

Project

Bangalore is home to some of the largest national as well as international IT/ITES, R&D and technology companies of the world. The city has a well diversified industrial base with manufacturing, machine tools, electronic products and auto-components besides the IT/ ITES sector. All these varied business activities have led to demand for hospitality services. Bangalore accounts for 51% of foreign business travellers visiting India annually.

Yatra has 30% interest in the hospitality component of Market City, Bangalore, a large retail-led mixed-use development being jointly developed with Phoenix Mills. It involves the development of a business hotel and serviced apartment block. With 217 hotel rooms and 93 serviced apartments, the project would have a gross built-up area of approximately 400,000 square feet. The hotel would be managed by an operator of international repute.

Key Highlights

  • Only 60% of actual room requirements in Bangalore are being catered to by the existing room inventory, leaving a substantial demand-supply mismatch.
  • With the new airport getting operational in north, this micro-market will gain more prominence with many companies moving their base to north Bangalore, creating demand for more hotel rooms.
  • The project partner is Phoenix Mills, a prominent developer in Indian retail and hospitality. Phoenix is developing hotels and malls across India and is tying up with international operators such as Shangri-La Hotels.


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