Prestige Estates Projects partners with DB Group to build largest Hotel & Convention Centre in Delhi

Prestige Estates Projects will invest alongside DB Group into building India's one of the largest Hotel and Convention Centre at DIAL Aero City in Delhi. The total investment is to the tune of Rs. 2,000 crore, which is the balance required to complete the project and Prestige will bring in Rs 355 crore for 50% equity stake in the Joint Venture.

DB Group had acquired the development rights on the 7.70 acre land parcel in 2009 from Delhi International Airport. The excavation work on the project land has been completed and the proposed time to complete this project is by 2022.

The Project spread across 7.70 Acres Land, abutting the existing JW Marriot Hotel. It will be India's one of the largest hotel with about 932 keys, a convention facility of over 2,00,000 sqft (20,000 seat capacity) and office spaces with business centre of about 650,000 sqft. The development will have a total built-up area of about 3.5 Million sqft in the Hospitality District of Indira Gandhi International Airport, New Delhi. The Companies have executed the agreement on 1 October, 2019, the transaction was brokered by JLL India's Executive MD, Juggy Marwaha.

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