Offbeat Developers, a SPV floated by a consortium of three real estate
developers - Phoenix Mills, HBS Realtors and Hyderabad based developer Pradhan
Housing, is close to signing a deal with Marriott International for its hotel at
Phoenix Market City at Kurla in central Mumbai.
While the hotel will be owned by Offbeat, Marriott is expected to manage the
property and get to use its brand name. The hotel is being set up at a cost of
Rs 350 crore. The 250-room hotel spread over three lakh sq ft is to commence
operations by June 2010.
The entire project is spread over 25 acre and involves a cost of around Rs
1,550 crore. The consortium holds 80 per cent stake in the property. The
remaining 20 per cent is held by IL&FS, Edelweiss and NPC Capital, a German
investor.