Brigade Enterprises to spend Rs 250 crore in FY15 on lease rental projects and hospitality assets
In FY15, real estate developer Brigade Enterprises has earmarked an expenditure of Rs 250 crore on lease rental projects as well as on expanding its assets in the hospitality sector.
According to a Business Line report, citing the information shared by Brigade Enterprises’ Chief Financial Officer Suresh K, the realty developer plans to focus on lease rental projects — that is, commercial malls and office spaces.
About Brigade Enterprises’ target markets for focus on lease rental projects, Suresh K said that the developer is chiefly mulling the Bangalore market. He revealed that, after having worked out a partnership with Inter Continental Hotels Group for developing 20 Holiday Inn Express (budget) hotels in South India, Brigade Enterprises has now commenced construction of its first project in Bangalore.
In connection with the Bangalore project, Suresh K asserted: “Our first Holiday Inn Express hotel is coming up on Race Course Road in Bangalore. The hotel will have 275 keys and average spend on per room is around Rs 35 lakh.”
Suresh K said that two properties of Brigade Hospitality Services – Grand Mercure and Sheraton Towers, with a total of 356 keys – are already operational in Bangalore.
In addition, Suresh K also revealed that, along with the Holiday Inn Express hotel project in Bangalore, some of the other projects being focused by Brigade Enterprises include two projects in Mysore; and one each in Kochi and Chennai.
Source: The Hindu Business Line
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