HYDERABAD, India -- Affiliates of Global Hyatt Corporation and Lanco Hills Technology Park Private Limited, a part of the Lanco Group, today announced the signing of a definitive management agreement for the 400-room Grand Hyatt Hyderabad, due to open in Hyderabad, India in early 2011. The hotel will be Hyatt's second hotel in Hyderabad, following Park Hyatt Hyderabad, which is scheduled to open in early 2010.
The planned 400-room hotel is part of a 100-acre township development in Manikonda called Lanco Hills, about two miles from Gachibowli and HITEC city. The entire development is approximately 10 miles from the new international airport at Shamshabad and is part of the emerging Central Business District.
Other development components at the Lanco Hills Project include:
* High rise premium residential towers
* Office towers
* Service Apartments
* Retail and entertainment zone
"Hyderabad is a modern, cosmopolitan city and exemplifies progressive and committed governance with the state government demonstrating successful public and private partnerships in varied sectors. Hyderabad is now recognized as an important global destination for information technology and life science research," said Ratnesh Verma, senior vice president, real estate and development for Hyatt Hotels & Resorts.
"The opening of Grand Hyatt Hyderabad is part of Global Hyatt's initiative to expand its brand presence in India. We are particularly proud to be associated with this development, with an organization like Lanco Group and we look forward to welcoming our loyal guests to Hyderabad," added Verma.
Leading designers have been selected to complete Grand Hyatt Hyderabad including DP Architects, Singapore and interior designer Wilson Associates, Singapore.
"This is a proud moment for us since this is our first venture in the hospitality segment. The property is located less than one mile from the expressway and situated only minutes from the city's banking and financial district which includes Microsoft, ISB, Infosys and will soon be a landmark in Hyderabad," said S. Pochendar, director and chief executive officer of Lanco Hills Technology Park Pvt. Limited, part of the Lanco Group.
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Sunday, August 10, 2008
Friday, August 1, 2008
Taj GVK Hotels total income increased by 3.5% to Rs 58.75cr
Taj GVK Hotels & Resorts Limited announces Q1 FY 08-09 results
v During the first quarter of FY 2008/09, the Company’s total income increased by 3.5% to Rs.58.75 Crores from Rs.56.72 Crores in the corresponding period last year.
v The company’s Hotels at Hyderabad have achieved occupancy of 76% and the Taj Chandigarh Hotel located at Chandigarh has achieved occupancy of 70 %.
v Profit after Tax was stable at Rs. 15.09 crores.
v EPS for the quarter was Rs.2.41 against Rs.2.40 during corresponding quarter last year on the face value of the equity shares Rs.2/- paid up.
Major Expansion Plans
The Company is planning to spend around Rs.500 crores in various projects.
Taj Mount Road, Chennai
The Hotel Project at Chennai, Taj Mount Road, is nearing completion and the Hotel will be operational by August 2008. The total cost on this Project is estimated to be around Rs.160 crores. The Chennai hotel is designed to be a trendy hotel with contemporary modern rooms and Food & Beverage outlets.
Taj Deccan, Hyderabad Expansion
Taj Deccan is under extensive renovation to transform the same to a benchmark property in Hyderabad. A new restaurant, restobar and 23 guest rooms are being added in the existing block at a cost of Rs 25 Crores.
Begumpet
The civil works for the new five star hotel project site at Begumpet, Hyderabad is progressing as per schedule. As per asset light strategy of the company, the owner of land is putting up the structure and company would be doing the interiors. The project would consist of around 189 rooms with cost of interiors at around Rs.80 crores, and is expected to be operational by December 2009.
Taj Krishna Expansion
The Company is proposing the construction of service apartments (43 nos.), 7000 sq ft spa and the additional Car parking facility at the existing premises of Taj Krishna, at an estimated cost of Rs. 75 Crores. The excavation works for the car park facility is nearing completion. The Company is now awaiting the necessary statutory approvals in this regard.
Other plans
The company is in process of identifying and acquiring land in Bangalore, Jaipur Kodaikanal and Amritsar for hotel projects.
Outlook
The Company’s growth during the year will be driven by new initiatives in the existing hotels and commissioning of the Chennai project.
http://news.moneycontrol.com/india/news/pressmarket/taj-gvk-hotels-total-income-increased-by-35-to-rs-5875cr/17/12/349605
v During the first quarter of FY 2008/09, the Company’s total income increased by 3.5% to Rs.58.75 Crores from Rs.56.72 Crores in the corresponding period last year.
v The company’s Hotels at Hyderabad have achieved occupancy of 76% and the Taj Chandigarh Hotel located at Chandigarh has achieved occupancy of 70 %.
v Profit after Tax was stable at Rs. 15.09 crores.
v EPS for the quarter was Rs.2.41 against Rs.2.40 during corresponding quarter last year on the face value of the equity shares Rs.2/- paid up.
Major Expansion Plans
The Company is planning to spend around Rs.500 crores in various projects.
Taj Mount Road, Chennai
The Hotel Project at Chennai, Taj Mount Road, is nearing completion and the Hotel will be operational by August 2008. The total cost on this Project is estimated to be around Rs.160 crores. The Chennai hotel is designed to be a trendy hotel with contemporary modern rooms and Food & Beverage outlets.
Taj Deccan, Hyderabad Expansion
Taj Deccan is under extensive renovation to transform the same to a benchmark property in Hyderabad. A new restaurant, restobar and 23 guest rooms are being added in the existing block at a cost of Rs 25 Crores.
Begumpet
The civil works for the new five star hotel project site at Begumpet, Hyderabad is progressing as per schedule. As per asset light strategy of the company, the owner of land is putting up the structure and company would be doing the interiors. The project would consist of around 189 rooms with cost of interiors at around Rs.80 crores, and is expected to be operational by December 2009.
Taj Krishna Expansion
The Company is proposing the construction of service apartments (43 nos.), 7000 sq ft spa and the additional Car parking facility at the existing premises of Taj Krishna, at an estimated cost of Rs. 75 Crores. The excavation works for the car park facility is nearing completion. The Company is now awaiting the necessary statutory approvals in this regard.
Other plans
The company is in process of identifying and acquiring land in Bangalore, Jaipur Kodaikanal and Amritsar for hotel projects.
Outlook
The Company’s growth during the year will be driven by new initiatives in the existing hotels and commissioning of the Chennai project.
http://news.moneycontrol.com/india/news/pressmarket/taj-gvk-hotels-total-income-increased-by-35-to-rs-5875cr/17/12/349605
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