New Delhi, February 25 Mindspace Business Parks REIT will develop a luxury hotel in Hyderabad with an investment of ₹350 crore.
The company has pre-leased this hospitality project, comprising 339 keys, to Chalet Hotels Ltd.
In a regulatory filing on Wednesday, the company said it has pre-leased a building with 5.3 lakh sq ft of leasable area at its 'Mindspace Madhapur' campus in Hyderabad to Chalet Hotels Ltd for a luxury hotel.
The project involves an outlay of ₹350 crore and is expected to be completed by the fourth quarter of 2027-28, the company said.
The project will comprise a 330-key luxury hotel, along with an ancillary commercial space.
The 'Mindspace Madhapur' business campus spans over 13 million sq ft of premium IT/ITeS office space, complemented by two Westin-branded hotels and the Inorbit Mall.
Ramesh Nair, CEO and MD of K Raheja Corp Investment Managers Pvt Ltd, said, "By partnering with Chalet Hotels, we are combining our development and asset management capabilities with a proven hospitality platform. The long-term structure with built-in escalations provides meaningful revenue visibility, while the addition of luxury hospitality further enhances the attractiveness of Mindspace Madhapur for occupiers."
Under the arrangement, Mindspace REIT's special purpose vehicle will develop and deliver the core and warm shell structure, while Chalet will undertake all interior fit-outs and operationalization of the hotel and associated facilities.
Chalet Hotels Ltd has a portfolio of over 3,300 keys.
Mindspace Business Parks REIT, sponsored by K Raheja Corp group, got listed on the Indian bourses in August 2020.
The REIT owns office assets located in the Mumbai Region, Pune, Hyderabad, and Chennai.
It has a total leasable area of 39 million sq ft comprising 31.9 million sq ft of completed area.
The portfolio consists of five integrated business parks and nine independent office assets.