Prestige Estates partners with DB Group for Rs 2,000 crore hotel

Prestige Estates Projects will forge a partnership with with DB Group to construct one of the largest hotel and convention centre in the country at Delhi International Airport Ltd (DIAL) Aero City. This will be done at a cost of Rs 2,000 crore.

While Prestige will bring in Rs 355 crore and hold 50 per cent equity stake in the joint venture, DB Group had acquired development rights on the 7.7 acre land parcel in 2009 from DIAL, said an ANI report.

Stating that the excavation work has been completed and the proposed time to complete the project is 2022, it added that the project is close to the existing JW Marriot Hotel.

“It will be one of India’s largest hotel with about 932 keys, a convention facility of over two lakh square feet (20,000 seat capacity) and office spaces with a business centre of about 6.5 lakh square feet,” said the report.

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Research Desk

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