|The Times of IndiaMcClatchy-Tribune
May 15--MUMBAI, India -- The Ritz-Carlton Hotel Company, leader in global luxury hospitality, has announced plans for its first hotel project in India. This Bangalore-based Ritz Carlton, to be developed by Nitesh Estates, will be a 250-room, five-star property.
The total project cost, pegged at $100 million, will be funded through a mix of debt and equity. Citigroup has committed $30 million as the first tranche of investment in the hotel project, to be opened by early 2010.
This project marks Nitesh Estates' foray into the hospitality segment, one of the fastest growing and a lucrative segment for the real estate and construction industry. "Initially, Ritz Carlton is coming up in Bangalore. We hope to continue this partnership in other cities, "said Nitesh Shetty, MD, Nitesh Estates.
In line with its positioning, some of the most premium global luxury brands like Cartier, Gucci and Louis Vuitton are all expected to open up hi-end retail boutiques in the hotel, industry sources said. Wimberly Allison Tong & Goo will be the architect and Peter Silling will be the interior designer for the hotel.
"India represents the next great international expansion opportunity for the Ritz Carlton," said Simon F Cooper, president and CEO. The US-based Ritz Carlton operates 63 hotels in North and South America, Europe, Asia and the Middle East.
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