world tourism market with a huge demand-supply gap in terms of hotel rooms. There are close to 110,000 hotel rooms across all categories in India, a very low figure when compared to other countries like China which has over a million rooms and USA, which has over four million. It is estimated that India needs another 125,000 rooms by 2010 to meet the surging demand.
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In an attempt to bridge this demand-supply gap, the Market Cities retail destinations are ideal locations for hotels, catering to business travelers as well as tourists.
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Our Projects:
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Mumbai the financial capital of the country is also a gateway to India. A natural entry point for MNCs, the city is also home of the booming entertainment industry, provides connectivity to key global cities, port related trade and so on. It is, in other words, a prime location for developing the hospitality sector. |
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The Phoenix group has two projects in Mumbai - The Shangri-La at High Street Phoenix is a 430,000 square feet, luxury hotel with around 400 rooms, located with easy access to the domestic and International airport in Mumbai. The hotel will be managed and operated by the internationally renowned Shangri-La brand and is expected to be operational by October 2009. |
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The Company is developing an approximate 355,000 square foot 5-star business hotel with around 150 rooms in the Market City – Kurla project development located in the eastern Mumbai suburb city centric location, with easy access to the airport. The hotel is expected to be operational by 2010. |
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| Chennai |
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The southern city of Chennai is known for its cultural heritage and temple architecture, and is also one of the most important commercial and industrial destinations in India. The base of around 40 per cent of India's automobile industry, Chennai has also become a major centre for IT services and ITES outsourcing.
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The group is developing a 273,000 square foot 5-star hotel with approximately 236 rooms and 174 serviced apartments in the Market City – Chennai project. The development located at Velachery is emerging as the commercial & retail destination owing to the proximity to the airport and established IT parks, i.e. Tidal IT Park, Elnet Software Park etc.
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| The hotel is expected to be operational by year 2010. |
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| Pune |
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Pune is strategically located in one of Maharashtra's richest industrial belts. Its proximity to Mumbai and the promotion of the Mumbai-Pune region as a ‘knowledge corridor' by the Maharashtra government has ensured substantial growth in this city over the last decade.
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The group is developing a 310,000 square foot 5-star hotel Northeast part of Pune city, on Pune Nagar road, in close proximity to Lohegaon airport (3Km.). With approximately 280 rooms and 135 serviced apartments near the Market City – Pune project, expected to be operational by 2010
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Bangalore |
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Bangalore is the fifth largest city in India and is considered to be Asia's fastest growing metropolis. It is the nerve centre of the IT industry in India and is the world's fourth largest technology hub. Bangalore is home to some of the largest national as well as international IT/ITES, R&D and technology companies. |
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The Company is developing a 460,000 square foot 5-star hotel with approximately 236 rooms and 90 serviced apartments near the Market City – Bangalore project development located in the commercial area of Whitefield in Bangalore. The hotel is expected to be operational by 2010. |
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| Agra |
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The northern city of Agra is a world-renowned leisure and tourist destination thanks to the Wonder of the World, the Taj Mahal. Owing to its proximity to the national capital, Delhi, Agra is also drawing the MICE segment. The lower ARRs vis-à-vis Delhi will also boost the industry's prospects, as it will draw seminars and conferences that would otherwise have been hosted in Delhi. |
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The group proposes to develop a 120,000 square foot luxury hotel with approximately 150 rooms near the Market City- Agra project. The hotel is expected to be operational by the year 2010. |
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