New Delhi: Real estate firm Supertech on Wednesday announced tie up with hospitality chain The Leela Palaces, Hotel and Resorts for management of its luxury hotel in Noida that is being developed at an investment of Rs 450 crore.
The 250-rooms hotel, which is part of a mixed-use project 'Supernova' with 5 million sq ft of built-up area, would be completed in four years.
"We have signed management contract with Leela Palaces for our hotel in the prestigious project Supernova," Supertech Chairman and Managing Director R K Arora told reporters here.
The hotel will be developed at an investment of Rs 450 crore and the total cost of entire project is Rs 2,700 crore, he said, adding that the proposed investment would be funded through internal accruals, debt and private equity.
Leela Group Vice Chairman and Managing Director Vivek Nair said: "Noida is an upcoming area of Delhi-NCR. With hotels in Delhi and Gurgaon already operational, We will be covering all the major destinations of the national capital region".
Asked about the revenue sharing, Nair said the management fees is as per the industry practice.
Leela Group currently has eight hotels comprising 2,200 keys in its portfolio at Bangalore, Gurgaon, Mumbai, New Delhi, Chennai, Goa, Kovalam and Udaipur. Out of eight hotel properties, six are owned and two are management contracts.
Leela is coming up with hotels at Jaipur, Agra and Ashtamudi (Kerala) and Bangalore.
Supertech would develop branded residences in the upper part of the hotel building to be managed by Leela Group.
"We are in advance stage of discussion with world- renowned fashion brands including Armani," Supertech Director Mohit Arora said.