Marriott, Prestige Group sign five-hotel deal in India1 min read . Updated: 26 Nov 2019, 05:59 PM IST
- Marriott to launch its ‘Moxy’ brand, which is targeted at millennials, in the country
- The partnership with Marriott gives Prestige an opportunity to diversify its asset base and further expand its rental portfolio
BENGALURU : Marriott International, Inc and real estate firm Prestige Group have partnered to open five new hotels in southern India, which will help both the firms expand their hospitality footprint in the country.
As per the agreement, Prestige Group will build new hotels across Marriot brands such as the W, Tribute Portfolio and Moxy spanning 1,000 rooms. The hotel properties- W Bengaluru, Tribute Portfolio Resort Bengaluru, Tribute Portfolio Hotel Kochi Maradu, Moxy Chennai and Moxy Bengaluru- are expected to open between 2021 and 2025.
Four of the five hotels would be part of retail developments like shopping malls.
Marriott, which operates under its many brands, will launch ‘Moxy’ in the country, a mid-scale brand which is targeted at the millennial population, said Rajeev Menon, President - Asia Pacific (excluding Greater China), Marriott International.
“…Our portfolio of 120 hotels across 16 brands reinforces our commitment to India, which remains a key focus market for Marriott International. We are thrilled to be introducing Moxy, our 17th brand in South Asia," said Menon.
By the end of the year, Marriott would have around 25,000 hotel rooms in the country.
The partnership with Marriott gives Bengaluru-based Prestige an opportunity to diversify its asset base and further expand its rental portfolio, which also includes office and shopping mall projects.
“…We believe that strategic collaborations with the right partners facilitate dynamic disruptions. With this signing, the Prestige Group is poised to become one of the largest hospitality players in India," said Irfan Razack, chairman and managing director, Prestige Group.
Prestige aims to have 3,100 hotel rooms in its portfolio in four years.
Razack said that hotel assets add value to developments like shopping malls or mixed-use projects.
“They allow developers to cash in on the additional FSI (floor space ratio) in the upper floors," he said.