Oberoi Realty has announced its hospitality partner for the new iconic Worli establishment currently under construction in Mumbai. The mixed-use hotel and residences property will feature Mumbai’s first Ritz Carlton hotel, with a residential complex built alongside it, also to be managed by the luxury hotel brand. The hotel and residences are a 50:50 and 30:70 Joint Venture respectively with Sahana Group of Companies.
Addressing the media in Mumbai, Vikas Oberoi, Chairman & Managing Director, Oberoi Realty stated that the company wanted to create an iconic structure and put Mumbai on the world realty map. The construction will be Samsung C&T Corporation’s first project in India and, Oberoi Realty believes, it will bring in high quality international development and finishing to the establishment. The property, built on an investment of approximately Rs. 750 crores, is expected to be ready by 2016-17.
“It is the perfect location and opportunity to introduce this luxury brand in Mumbai. Marriott International is confident of positioning the brand as a leader in its segment. This hotel is part of Marriott’s rapid expansion, which will entail the opening of at least one hotel a month for the next few years across the globe,” said Paul Foskey, Executive Vice President, Hotel Development, Asia-Pacific, Marriott International.
Albeit managed by the Ritz Carlton brand, the residences will not be branded by them. “We want to benefit from the residential component by leveraging the premium location of the hotel. If my mindset is to make money out of the hotel, I will always be cutting costs. But if the money is coming out of a residential development, it doesn’t matter. Even a 10-15 per cent increase in real estate price, makes the hotel practically free! People feel empowered when they see a hotel in their vicinity, it provides a styling and quality of life. In a city where so much needs to be done for social infrastructure, these small pockets really become game changers,” Oberoi added.
Speaking about bringing in Ritz Carlton to manage the residences, Oberoi commented that management of residences is usually scattered. “Nobody binds the security, gym, maintenance etc. suppliers together. Ritz Carlton has all these verticals within its fixed system because that’s what they do for a living. The minute we bring someone like them in, the apartment guys will benefit. That’s the idea of bringing them into the whole project,” he said.
The hotel will feature exceptional F&B offerings – restaurants and banquet halls as is the brand’s standard worldwide. In addition, the property will provide 1200 sq.m. meeting space. The hotel has already received a Platinum certification for its green construction.
