Dubai's Phoenix Group lines up Rs 2,200-crore investments in India Published by Newsroom May 18th, 2007 in Newsbytes.
Investment outlays by Dubai-based companies in the hospitality and real estate space in India continues unabated. After Emaar Properties, which has announced investments of over Rs 4,000 crore with its Indian partner MGF group, it is now the turn of the Phoenix Group. Dubai-based multinational conglomerate Phoenix Group with interests in hospitality and real estate plans to invest over Rs 2,200 crore in India by 2011. The group's subsidiary, Phoenix Realty, is looking at an upscale residential project in Goa with an investment of Rs 450 crore. Phoenix Palms, the residential property in Panjim spread over 70 acre, will comprise of 2″00 villas and 100 apartments. The construction is expected to start early next year. It also plans to open hotels in Bangalore, Kochi, Ahmedabad and Hyderabad by early 2009. The group is in talks with Carlson Hotels Worldwide for launching a 160-room hotel in Whitefield, the IT suburb in Bangalore under the Radisson Plaza brand. Apart from Radisson Hotels 8-Resorts, Carlson owns several hotel brands like Regent, Country Inns & Suites, Park Inn and Park Plaza, among others. "We are in advanced stage of discussions with Carlson Hotels Worldwide for a hotel in Bangalore. We are also in talks with other global hospitality groups for launching hotels across India," Jaideep Singh, VP-operations, Phoenix Group, told ET. The long-term plans of the group include four-star hotels in Agra and Pune with an investment of over Rs 180 crore each. Five-star hotels with an investment of over Rs 250 crore are being planned in Chennai, Jaipur and Udaipur as well. These are expected to become operational between 2009-11. Currently, the Phoenix Group is the franchisee for Radisson Plaza Resort & Spa in Kumarakom, Kerala, Radisson White Sands Resort and Country Inns & Suites in Goa. The group has invested close to Rs 1,000 crore on three hotels in Goa and Kerala. Source: The Economic Times Popularity: 7% [?] -- Pamela D'Mello Cell 9850 461649 http://pameladmello.goa-india.org
