| Royal Palms Estates plans to invest Rs 175 crore to set up a 5-star villa hotel and a 4-star hotel at Goregaon - a suburb close to the Mumbai airport. Royal Palms is scouting for a foreign partner for both these projects which are likely to be come up before December 2006.
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| Dilawar Nensey, joint managing director, Royal Palms, says, "Like the five-star hotel that we have built in tie up with Park Plaza of the US, we plan to enter into co-branding or marketing agreement with some international chains for both these hotels. We are already talking to a few chains but it is very early to comment."
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| A five-star hotel of 60 luxurious villas, each with a swimming pool attached shall be built at an estimated cost of Rs 75 crore. A four-star deluxe hotel with 180 rooms will come up at an estimated cost of Rs 100 crore.
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| These hotels shall come up at Royal Palms Estates at Goregaon in Mumbai. The USP shall of course be the 18-holes golf course within the Royal Palms Estates.
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| The hotels sector is set to reap the fruits of tourism/ business boom. Mumbai itself is facing a scarcity of 7,800 hotel rooms.
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| On a conservative basis, the gap between availability and demand shall go up to 12,000 rooms by 2006.
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| Mumbai handles about 25 per cent of the domestic and 38 per cent of the international air passenger traffic in the country. Even when used as a transit point, Mumbai has to accommodate travelers for a night or two. The ministry of tourism expects that the open skies policy will bring 3.5 lakh tourists to Mumbai during 2005.
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| According to World Travel & Tourism Council (WTTC), the travel and tourism sector in India is likely to generate $90 billion in revenues and close to 28 million jobs by 2014.
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| The hotels near the airport are operating at about 94-100 per cent occupancy, and in the city area, these are operating at 87-92 per cent occupancy.
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| Room rates for 4/5-stars are at an all time high. The cost of constructing a five-star hotel comes to about Rs 80 lakh to Rs 1.2 crore per room. The cost of constructing a four-star hotel comes to about Rs 55 lakh to Rs 80 lakh per room. |
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