Mumbai-based property developer Oberoi Realty is in discussions with Marriott International and Hyatt to manage and operate a 5-star luxury hotel in Thane, Mumbai. The hotel will be part of a larger township project spread across 75 acres of premium land, which will also include residential buildings, office spaces, retail units, and an international school. Oberoi Realty, known for its successful collaborations in the hospitality sector, aims to invest approximately Rs. 10,000 crores in developing the project in phases.
Mumbai based property developer Oberoi Realty is in talks with Marriott International and Hyatt to manage and operate a 5-star luxury Hotel in Thane, Mumbai. The luxury hotel will be part of a larger township project headed by Oberoi Realty and spread across 75 acres of premium land in Thane. The ambitious project is touted to include 300-key hotel, premium residential buildings, office buildings, retail units and an international school.
Oberoi Realty already runs Westin Mumbai Garden City in Goregaon with Marriot International. The company also tied up with the Ritz Carlton group to operate and run a 200-key hotel plus branded luxury residences in Worli, Mumbai. Oberoi Realty also has branded residences projects in Bengaluru and Pune.
The proposed project in Thane is set to be one of a kind in the area. Oberoi Realty intends to invest around Rs. 10,000 crores to develop this project in phases. The first phase will comprise about 3-4 million square feet including the hotel, residences, and school. The residential township will be launched every year phase by phase. The total revenue of the project is estimated to be around Rs. 30,000 crores over a period of 15 years. The land for the project was procured from three independent owners.
The investments in the hospitality industry are expected to increase to 2.3 billion or around Rs. 19,000 crores over the next five years. Thane is fast developing as a flourishing neighbourhood with several notable builders entering the market. As the demand for luxury hotels and experiences strengthens, real estate developers can hope to benefit from such mushrooming opportunities.
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