Promoted by investors from Middle-East, Phoenix Group Global will open its first hotel in Bangalore next year. According to Aditya Kamani, Group Director of Phoenix Group the hotel would be located in the Whitefield tech hub. He said that there would be 162 rooms, five food & beverage options, a heated swimming pool and a gymnasium in the hotel.
Mr Kamani informed that there would be around Rs 200 crores investment in the project, of which 30% funding would be done through debt and remaining through equity. He felt assured with the business and said that he expects the average room rate would be Rs 9,000-10, 000. He expected that the hotel would be able to fetch 70% occupancy next year.
Under its other expansion plans in India's IT capital, the Bangalore based firm has bought 5.5 acres of land near Bangalore's new international airport in Devanahalli. The Phoenix Group Global will erect a 5-star hotel which will have a mall, and adjacent commercial place. The group is eyeing for entering into the hospitality education business too.