Prestige Estates up 6% on inking pact with Marriott Int for hotel projects

According to the proposal, the hotels in the pipeline will include a range of Marriott brand portfolios such as JW Marriott, Tribute Portfolio and Sheraton

Shares of Prestige Estate Projects surged 5.6 per cent to Rs 312.15 apiece on the BSE on Wednesday after the real estate developer inked pact with Marriott International to develop six hotels across South India.

"The company will add 650 rooms to its inventory across six new properties. Currently, it is operating 850 rooms in partnership with Marriott International. Prestige Group will invest an incremental Rs 350 crore for setting up of new properties," Irfan Razack, Chairman and Managing Director, Prestige Group said, adding, "Reduction of GST from 28 per cent to 18 per cent for premium and luxury hotels, reduction