Realty developer Kanakia Group's hospitality arm has roped in US-headquartered Hyatt Hotels Corp to manage its upcoming 150-key hotel in Goa.
"We have tied up with Hyatt for our Goa hotel. It will be a Hyatt Place property," Kanakia Group chairman Rasesh Kanakia told ET. The company has completed acquisition of about 2.5 acres of land on Condolim Beach for the proposed property, he said.
The cost of land and construction is expected to be about 150 crore, which will be financed through a 50:50 debt-equity structure, the chairman said. The hotel is expected to be ready in the next 18 months.
"We are looking to build a portfolio of hotels in our hospitality subsidiary before we take a call on offloading stake to a strategic partner at entity level," Kanakia said. "We are also looking at more beachfront options in Goa."
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