MMVL Hotels, a subsidiary of the city-based Maheshwari group, is building a luxury hotel here. The Rs 250-crore hotel will be managed by Fairmont Hotels and Resorts.
Maheshwari group CEO Girish Mallpani said the 350-room hotel will come up on 2.5 acres at Panjagutta. The company will raise about 30 per cent of the investment through debt and the rest through equity. The group is looking at similar ventures in Vizag, Jaipur and Indore.
Stating that this was the first project in India, Thomas W Storey, president of Fairmont Hotels and Resorts, said the company would launch its operations in Delhi, Mumbai, Gurgaon and other cities. “We plan to manage at least eight hotels by 2015,” he said.
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