Private equity fund Ireo will invest up to $700 million (about Rs 3,800 crore) to develop luxury residences as well as a hotel and has tied up with the global hotel chain Hyatt for managing the projects.
"We have entered into management agreements with Hyatt Hotels Corporation for branded 'Grand Hyatt' residences and a 'Grand Hyatt' hotel in our large township project in Gurgaon. The project cost will be between $650-700 million," Ireo's Senior Vice-President (Hospitality) Pankaj Dugar said.
The company has already raised $2 billion since 2004 for developing realty projects in India.
It would invest part of this fund and raise some debt to finance the 29-acre project that comprises 265 branded homes, 460 rooms luxury hotel and 4 lakh sq ft office space and 3 lakh high-street retail. This project is part of Ireo city in Gurgaon.
The price of the branded residential units will be a minimum of Rs 12 crore. The size of the units would range from 4,600 sq ft to 10,000 sq ft. The project is expected to be operational in 2017.
As per the terms of the management agreement, Hyatt Hotels Corporation will manage the residences and the 460-room hotel property and will provide services and facilities.
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