Global Hyatt
Corporation in 24:76 JV with Emaar MGF, plans to invest Rs.1,000 crore ($200
million) in setting up six hotel properties over the next three-four years.
The hotels, to be
launched under the brand 'Hyatt Place', will come up in Mysore, Lucknow, Indore,
Mangalore, Hyderabad and Gurgaon. Land for the projects has already been
acquired by Emaar MGF.
Global Hyatt
Corporation on its own will invest $20-25 million as equity into the six hotels.
These hotels will add upto 950 rooms with the first hotel planned to open by
2011.
Apart from these six
properties, Hyatt has already signed deals for 14 hotels under its premium
brands-Park Hyatt, Grand Hyatt and Hyatt Regency for a total of 3,600 rooms to
be developed by 2013. The hotels will be built in cities such as Kolkata,
Hyderabad, Mumbai, Chennai, Goa and Pune.