This development of a commercial property is part of Century Group's plan to develop 5 million square feet of commercial and residential property over the next three years.
The Canada-based Four Seasons currently has a 202-room hotel in Mumbai and it is entering Delhi through a property to be built by DLF Group.
In addition to this, industry information indicates that this firm is eyeing Hyderabad and Kerala besides the one in Bangalore.
The Bangalore-property is anticipated to be on the road to the new international airport. Four Seasons currently manages 78 hotels and resorts in 32 countries.
This hospitality major also offers a growing network of shared ownership Residence Clubs and Private Residences.
Century Group's land bank is estimated to be valued at Rs 8,000 crore and the company is expected to add a further 2,000 acres of land going forward. The company to expand its properties is understood to be mopping up close to $200 million from Goldman Sachs. Century Group during late last year had raised $300 million from Goldman and Fortress Group.
According to industry sources, Century Group has already initiated construction for 3 million square feet of commercial and residential properties and the additional 2 million square feet is expected to be finalised shortly.
While the company offered not to comment on the PE interest, Ravindra Pai, director, Century Group confirmed that there is interest from investors but no decision has been taken. Pai also declined to confirm the proposed pact with Four Seasons.
If this move by Century fructifies, the company will join peers such as Nitesh Group, Prestige Group, Puravankara Group, Brigade Enterprises and Sobha Developers who are actively putting up hospitality projects in Bangalore.
