Five-star hotel comes down to make room for apartments
Unfinished JW Marriott Hotel in the city are being pulled down by the City builder Ceebros which have been bought for 480 crore last year from Hyderabad-based Viceroy Hotels.
The hospitality sector in Chennai is going through a serious disaster with low occupancy in most five-star hotels, due to this reason Viceroy Group sold the property in MRC Nagar after completing the shell of the hotel. According to industry sources, in recent years with more than half a dozen new star hotels being opened in the city, there is very high room inventory and hotels are belligerent for business.
J W Marriott structure is being pulled down by Ceebros to redevelop it into a residential complex. Atlantic Hotel in Egmore was also bought by Ceebros last year for redeveloping it into an apartment complex. The previous owners of Atlantic, Publishing house Chand and Co had spent crores of rupees refurnishing the hotel before it was put on the block. Ceebros bought it for 165 crore. Following this fashion, Breeze Hotel on Poonamallee High Road was also put on the lump.
An IT park developer in Adyar was provoked to convert its commercial space in the city into a residential project two years ago due to couple of factors which are a slowdown in the economy and low demand for commercial space.
As the promoters have given indications of pricing them aggressively, home buyers are eagerly awaiting the launches of these projects.
Source: The Times of India
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