NEW DELHI: Hospitality giant Marriott International and home-grown reality developer Prestige Group have joined hands to open luxury hotels in southern India across four brands with nearly 1,000 rooms. Marriott has also announced that it is bringing its Moxy brand of hotels to India. Under the agreement, Prestige Group will build W Bengaluru, Tribute Portfolio Resort Bengaluru, Tribute Portfolio Hotel Kochi Maradu, JW Marriott Bengaluru Prestige Golfshire Resort & Spa, Moxy Chennai, and Moxy Bengaluru. All the hotels are expected to open between 2021 and 2025.
Marriott said India continued to be a critical growth engine for them in the Asia Pacific region and by the end of the year they would have around 25,000 hotel rooms in the country. “We are continuously striving to expand our market reach, strengthen our growth and set new hospitality benchmarks. Our portfolio of 120 hotels across 16 brands reinforces our commitment to India, which remains a key focus market for Marriott International,” said Rajeev Menon, President, Asia Pacific (excluding Greater China), Marriott International.
The partnership allows Prestige to expand its hospitality business. Currently, it operates 850 rooms in partnership with Marriott International. Prestige will invest an incremental `350 crore for setting up new properties.Overall, the group aims to have 3,100 hotel rooms in its portfolio in four years.
“Projected to be worth Rs 1,21,087 crore by 2023, the Indian hospitality sector today is witnessing an upward trend across mid-scale, upscale and luxury segments,” said Irfan Razack, Chairman and Managing Director, Prestige Group.He added that reduction of GST from 28 per cent to 18 per cent for premium and luxury hotels, and regional airport development under UDAN were paving the way for robust market demand.