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| BPTP, Hyatt tie up for 5-star hotel in Noida |
| Neeraj Thakur / New Delhi Aug 04, 2009, 01:30 IST |
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Delhi-based developer BPTP has tied up with global luxury hotel chain Grand Hyatt to operate its five-star hotel in Noida’s Sector 94, now under construction, say sources.
Without commenting on the deal, a BPTP spokesperson said, “We will complete this project in 30 months and are talking to high net worth individuals for buying stake in the 500-room luxury property. It is estimated that the property will need an investment of Rs 500 crore and BPTP will retain majority stake in the project.”
Earlier the company had plans to develop the hotel before the Commonwealth Games, to take the tax benefits offered by the government. However, due to delay in signing a deal with investors the company has now extended its deadline for completion.
In March 2007, BPTP had successfully bid for 95 acres of land for this project, beating rivals like DLF and Omaxe, and paid Rs 1,300 crore. This Februaryr, because of a financial crunch, the company kept only a fourth of the land and surrendered the rest to the Noida authorities. It now wons only 21.7 acres and the hotel project will be spread over seven acres.
Earlier the company had plans to develop the hotel before the Commonwealth Games, to take the tax benefits offered by the government. However, due to delay in signing a deal with investors the company has now extended its deadline for completion.
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