Phoenix Group Global, a promoter of luxury resorts, on Tuesday announced the launch of its own brand of Zuri luxurious hotels and resorts in India. The first five-star hotel will open at Whitefield in Bangalore in January next year, said Priti Chand, media officer of the business group. “We are acquiring land for five other hotels in Ahmedabad, Visakhapatnam, Kochi, Chennai and Nagpur and will be investing around Rs 10.5 billion for these projects,” Chand said.
Phoenix Group Global, a multinational conglomerate based in Dubai has interests in the hospitality, real estate and floriculture sector and owns and manages hotels under the franchise of Carlson Hotels Worldwide. At present it has two hotels in Goa (Radisson White Sands Resort and Country Inns and Suites) and one in Kerala (Radisson Plaza Resort and Spa, Kumarakom). The Indian arm is managed by brothers Aditya and Abhishek Kamani. “All our hotels will be under the Zuri brand,” Chand said.
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The financial crisis in the US is expected to have a cascading effect on the Indian commercial real estate sector that has already slowed down considerably over the past one year. According to industry sources, there could be a softening in the values of commercial property to the tune of 10% to 15% post the US meltdown. As a result, vacancy levels in commercial space across the country are expected to touch 10% by the end of this year from 6% last June. Market analysts can see prices cooling and projects being held up because of the drying up of cheap funds. In fact, raising funds from US and Western European investors, who accounted for a bulk of FDI in the sector, will now be difficult. Mr. Anuj Puri chairman, Jones Lang LaSalle Meghraj says, “Flow of funds from the US will definitely come down, at least in the short term. Funds to both private and public equities of developers are likely to fall. They will have to look at new avenues like Middle-East and Korea. Although this development will have no direct impact on the real estate sector, there may be indirect ramifications. Foreign capital for private equity investments in Indian real estate may be affected, and the stock of listed companies invested in these portfolios could take a beating due to negative sentiments.”For more view- realtydigest.blogspot.com
The business hotels in Vishakhapatnam have seen a low occupancy rate in the current times as is the case with the global as well as the national hospitality industry.