The Hindu : Business : Nirmal Lifestyles signs agreement with Accor

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Wednesday, Nov 29, 2006
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Nirmal Lifestyles signs agreement with Accor

Staff Correspondent

Branded hotel complex to come up at Mulund in Mumbai

— Photo: Shashi Ashiwal

ENHANCING LIFESTYLE: Dharmesh Jain (left), Chairman and Managing Director, Nirmal Lifestyles, and Gilles Pelisson, Chief Executive Officer, Accor SA, at a press conference in Mumbai on Tuesday.

MUMBAI: Nirmal Lifestyles, a leading real estate group, on Tuesday signed a management agreement with Accor, one of the world's largest operators of hotels, to develop and operate India's single largest hospitality project at Mulund in Mumbai.

Convention centre

The 6.5-million sq. ft. development will feature Accor-branded hotels that will be managed by Accor, including two `Sofitel' hotels with 250 and 200 rooms, a `Novotel' hotel with 250 rooms, a `Grand Mercure Residences' serviced apartment product with 180 units and an `Ibis' budget hotel with 200 rooms. There also be a convention centre with a capacity of 5,000 people.

Rs. 1,000 cr. investment

Nirmal Lifestyles' investment in the project, to be ready by 2010-11, would be Rs. 1,000 crore, Dharmesh Jain, Chairman and Managing Director, Nirmal Lifestyles group, said, while addressing the media here. Mr. Jain said his company would consider an Initial Public Offering (IPO) at a later stage.

Nirmal Lifestyles has a one million sq. ft. mall built in phase I and by the end of phase III, starting in the third quarter next year, the company will have 3.6 million sq. ft.

Gilles Pelisson, Chief Executive Officer, Accor SA, said, the two Sofitel hotels had been planned by renowned architect, Hafeez Contractor, and would have proximity to a shopping mall and an entertainment complex of over three million sq. ft. and a parking facility for over 2,500 cars and a rooftop landscaped garden measuring seven acres.

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