NITESH ESTATES TO DEVELOP INDIA`S FIRST THE RITZ - CARLTON HOTEL
Released on = May 16, 2007, 6:35 am
Press Release Author = Munira Mitra
Industry = Real Estate
Press Release Summary = The Ritz-Carlton Hotel Company, L.L.C. Announces First India Hotel; Partners with Nitesh Estates to set-up a 250-room, five star property in Bangalore .
Press Release Body = Chevy Chase, Md / Mumbai, May 16, 2007 -The Ritz-Carlton Hotel Company, L.L.C., the leader in global luxury hospitality, has announced plans for its first location in India. The Ritz-Carlton, Bangalore, a 250-room, five-star property, will open in the nation's third-largest city by early 2010. Developed by Nitesh Estates, The Ritz-Carlton, Bangalore, will be set up in the central business district of the city.
Nitesh Estates has partnered with Ritz Carlton to facilitate the international hospitality major's entry into India. This project also marks Nitesh Estates' foray into the hospitality segment, one of the fastest growing and a lucrative segment for the real estate and construction industry.
"India represents the next great international expansion opportunity for The Ritz-Carlton Hotel Company," said Simon F. Cooper, president and chief operating officer. "We are especially pleased that our initial presence will be in Bangalore, a city whose thriving economy has made it the Silicon Valley of the nation. "Nitesh Estates, the Bangalore-based developer, has committed to building a world-class hotel in the heart of the city's central business district," he added.
Nitesh Shetty, managing director, Nitesh Estates said, "We are delighted that The Ritz-Carlton Hotel Company will be entering the Indian market in association with us. We hope to continue this partnership in other cities, as well."
The Ritz-Carlton, Bangalore will offer several restaurants, extensive meeting and events space, a luxurious spa and outdoor swimming pool, and an entire floor dedicated to high- end retail store boutiques. In addition to spacious rooms and suites, the hotel will include The Ritz-Carlton Club, a private floor accessible only by elevator key and offering light fare and dedicated concierge service throughout the day. Wimberly Allison Tong & Goo will be the architect and Hotel Interior Design Peter Silling will be the interior designer for the hotel.
About Nitesh Estates A leading integrated property development company headquartered in Bangalore, Nitesh Estates is engaged in the development of high end Residential Apartments, Office buildings, Hotels and Retail Space. Nitesh Estates has bagged a Rs. 100 crore built-to-suit residential complex for ITC Limited. Citigroup Property Investors announced an investment of $100 million in Nitesh Estates earlier this year for the development of various hotel projects. Also, in February 2007, New York-based Och-Ziff Capital Management Group, one of the top five global hedge funds picked up a 25% stake in Nitesh Estates for $51 million. Learn more at www.niteshestates.com.
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