Embassy Group unveils Rs.13.5 bn realty plans

Embassy group, a renowned real estate builder of the country, is all set to invest Rs.13.5 billion to develop four new hotels in Bengaluru as part of its expansion plan in hospitality business. Bengaluru-based Embassy group with huge portfolio of office assets, has already roped in global hospitality major Hilton to manage these hotels, said President Hospitality Business Sartaj Singh, adding that the company has two operational hotels with around 450 keys and a Four Seasons hotel having 220 keys will open by August this year. The company is developing four new hotels comprising 1,120 keys, which will take the total number of rooms to 1,700-1800 and the investment will made through internal accruals and the new projects would be operational by 2022. Global private equity major Blackstone is also a partner in some of the hotel projects.