Business

Market softness won’t slow us down in hospitality: LuLu

Group has mandate to invest over ₹2,000 cr. in hotels

Twenty14 Holdings, the hospitality arm of the Abu Dhabi-based LuLu Group International, said the current market softness won’t be a reason for the company to hold back investments or go slow on its footprint expansion drive.

In fact, Twenty14 Holdings has a mandate to invest more than ₹2,000 crore in setting up several five-star, business and mid-sized hotels in India in the next couple of years.

Two new five-star hotel properties, of Twenty14 Holdings, are under construction in Bengaluru: a 120-room hotel in the Electronic City and another 200-room property near the airport. The airport hotel will be managed by Marriott. The company has another five-star hotel project coming up in Hyderabad. Bengaluru properties are expected to be ready by the third quarter of calendar 2020 while the Hyderabad hotel will be launched in 2021.

Mr. Adeeb Ahamed, managing director, Twenty14 Holdings told The Hindu that, “We are bullish on the hospitality space. In addition to these properties in the pipeline, we are in different stages of discussions with many hospitality brands for more other projects planned mostly in the southern parts of India.’’

Twenty14 Holdings recently opened a 57-key boutique hotel, Port Muziris, in Kochi.

Twenty14 Holdings currently has a new hotel property under construction in Zurich while it’s Great Scotland Yard Hotel is almost ready for operation in London. It’s Edinburgh property, The Caledonian, is already operational. The company also owns two other five-star properties, the Steigenberger Hotel in Dubai and Sheraton Oman Hotel in Muscat.

Twenty14 Holdings currently has hospitality assets worth more than $750 million spread across U.K., Europe, GCC and India.

In addition, LuLu Group directly owns Marriott at LuLu Mall Kochi, Marriott Courtyard at Kochi Airport and Grand Hyatt also in Kochi.

“We are aware that consumer sentiments are down across industry verticals. However, we are hopeful about the markets. We believe that it is the time to build and therefore, we will go ahead with our investment and expansion plans in hospitality,’’ said Mr. Ahamed, who is also the son-in-law of M.A. Yusuff Ali, the billionaire entrepreneur and founder of Lulu Group International.

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Printable version | Jun 5, 2020 9:58:15 AM | https://www.thehindu.com/business/market-softness-wont-slow-us-down-in-hospitality-lulu/article29393417.ece

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