The Shangri-La Hotel being developed by Phoenix Mills (PML) in Lower Parel in
Mumbai is likely to be opened with 50 per cent room inventory in September 2010.
Initially, the hotel is to have a soft launch with 230 guest rooms as PML
wants to hit the market in time for business season. Once fully operational, the
hotel is to have 483 guestrooms and 23 serviced apartments. The remaining
guestrooms are likely to be launched in four-five months after the soft launch.
PML is developing the hotel project through its subsidiary Pallazzio Hotel
and Leisure. Pallazzio Hotel has already invested Rs 483 crore in equity for the
Rs 700-crore hotel project. The remaining Rs 217 crore is debt.
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Project profile