Online edition of India's National Newspaper
Wednesday, May 21, 2008
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Online edition of India's National Newspaper Wednesday, May 21, 2008 ePaper | Mobile/PDA Version |
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CHENNAI: The U.K.-based InterContinental Hotels Group (IHG) and Larsen & Toubro, through a joint venture with Arun Excello Commercial Projects Pvt. Ltd., will be setting up Holiday Inn hotel in the Estancia Integrated Township here. Rs. 150 cr. investmentAddressing a press conference here on Tuesday, S. Hariharan, Vice-President, Development Projects, L&T, said the hotel would be developed at a cost of Rs. 150 crore and was scheduled to open in 2011. As per the terms, L&T Urban Infrastructure, a subsidiary of L&T Infrastructure Development Project, would be investing 51 per cent of the cost and Arun Excello Urban Infrastructure Pvt. Ltd. the balance. Mr. Hariharan said the 200-room, 75-suite Holiday Inn Estancia Chennai would be managed by IHG for 15 years. He said the hotel would be part of the 82-acre Estancia Integrated Township, a mixed use development located on the GST Road near Chennai. The entire project would be designed by RMJM, a leading U.K. based architectural firm. Paul Logan, Vice-President, Development, Southern Asia & Korea, IHG Asia Pacific, said this hotel would be uniquely positioned to cater to the needs of business and leisure travellers. He said Holiday Inn Estancia Chennai would add to IHG’s pipeline of 14 other Holiday Inn hotels in various stages of development across the country. These new hotels would totally account for 4,000 rooms that were scheduled to open in the next three years in 12 cities.
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