The project will be completed by 2013
Kolkata's first JW Marriott group hotel is set to come up in the city by 2013. The 330-key hotel along with four lakh sq. ft. of service apartment is coming up in eastern Kolkata.
The investment in the project is around Rs.1,000 crore.
Stating this Bepin Vohra of the SPS group said that construction had already been started and the project would be completed by 2013.
The group has recently joined hands with Mani Group of Kolkata and Satva of Bangalore for bringing JW Marriott to the city.
The property will be managed by JW Marriott.
The SPS Group which has a steel plant in Durgapur besides trading firms is planning to roll out Rs.5,000 crore of investment in various segments, including logistics, hospitality, healthcare, power, electricals and food.
It has a 70-room four-star property here which is managed by ITC under its Fortune brand. The property was acquired by SPS.
Mr. Vohra said the group was also setting up a medical hospital and nursing college in Durgapur and a power plant in Mejia in Bankura district for which it had already started acquiring land. The hospital is set to be ready by March 2012.
He said that funding for these projects would be through a mix of debt and equity.
The equity part would come through internal accruals and private equity under which Athina Capital of the U.K. would pitch in.
Keywords: JW Marriott Kolkata