Realty firm Prestige Estates Projects Ltd.
will expand its hospitality business by opening six new hotels in partnership with Marriott International.
After announcing the management agreement with Marriott International on Tuesday, Irfan Razack, Chairman and Managing Director, Prestige Group said the company will add 650 rooms to its inventory across six new properties. He added that reduction of GST from 28% to 18% for premium and luxury hotels, reduction of corporate tax and regional airport development under UDAN are paving the way for robust market demand.
Currently, Prestige Estates Projects is operating 850 rooms in partnership with Marriott International. Prestige Group will invest an incremental Rs 350 crore for setting up of new properties.
The agreement entails Marriott International to bring its 17th hotel brand – Moxy – to India.
“India is the second biggest market after China for us in Asia Pacific. Another 50 hotels are under construction in the country. We will be adding 1,000 new jobs in India with the construction of five new hotels with Prestige Group,” said Rajeev Menon, President – Asia Pacific (excluding Greater China), Marriott International said.
Prestige Estates Projects Ltd ended at Rs303.30 up by Rs2.3 or 0.76% from its previous closing of Rs301 on the BSE.
The scrip opened at Rs310 and touched a high and low of Rs311 and Rs301.30 respectively. A total of 1,18,998 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs11,081.25cr.