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Sharing the information at a press conference here, Mr
David Schaefer, Managing Director of Asia Pacific, said that his company
would be taking equity in the proposed luxury category hotel being
promoted by the Bangalore-based Nitesh Estates.
While declining to give the quantum of equity exposure in the $100 million
hospitality project, Mr Schaefer said Citigroup Property would earmark 40
per cent of its $500 million for the hospitality sector, particularly in
the Southern India which with a steep shortage of hotel rooms would be
hotspot for investors.
Citigroup Property has also identified two projects one each in Noida in
the North and Whitefield in Bangalore with $1 million on each of the
centre.
Mr Schaefer said "we believe the real estate sector in Bangalore has
tremendous real estate property developers in India, with reputation of
quality standards and delviery mechanism in a very professional outfit."
Mr Nitesh Shetty, Managing Director of Nitesh Estates, said that the
proposed hotel with 250 room would come up in Bangalore's central business
district the in about 30 months. He said his company was likely to
finalise the international brand for management of the hotel.
Designed by leading global architects, the hotel would offer world-class
amenities, including a retail complex, he said.
Nitesh Estates is engaged in development of high-end residential
apartments, office buildings and retail space.
by http://www.moneycontrol.com
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