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Starwood to push in $300 million
By siliconindia
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Friday, 24 November 2006, 18:30 IST
Bangalore: Indian hospitality space is all set to heat up with the entry of the U.S. based global real estate fund Starwood Capital, into the sector. In India Starwood plans to launch its luxury hotel brand Hotel de Crillon, eco-friendly hotel brand âIâ and the budget hotel chain, Campanile.
The fund, which has $2.5 billion under management and has managed over $5 billion in equity and $14 billion in debt, will invest close to $300 million in India over the next 18 months, Barry Sternlicht, chairman & CEO, Starwood Capital, told The Economic Times. The investment will be concentrated in the top 20 Indian cities.
It is possible that Starwood would first launch its luxury brand Hotel de Crillon. But the initial investment would be in the mid-sized projects occupying 1-3 million sq.ft. space.
Indian hospitality space is pretty attractive and it has grown 23.7 percent in 2005-06. The all-India occupancy mark touched 70.8 percent mark for the first time. The room tariffs have also been on a rise.
Starwood also has owns brands like Sheraton, St. Regis and Westin.