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GBP Group to invest Rs 100 crore to develop hotel with Sarovar Portico
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Thursday, 13 February, 2020, 14 : 00 PM [IST]
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Our Bureau, New Delhi
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Real estate major GBP Group has added another reputation by bringing the GBP-Sarovar Portico Hotel at its project GBP Centrum in Zirakpur on Chandigarh-Ambala National Highway 22. This is an industry first. The hotel is a partnership between GBP and Sarovar Portico. The project will attract an investment of about Rs 100 crore.
The hotel will feature 80 guest rooms, GBP Group said in a statement. The total area of the hotel will be 68,000 sq ft, with double basement car parking accommodating 200 cars.
Commenting on the tie-up, Raman Gupta and Anupam Gupta, directors, GBP Group, said, “We are very pleased that we have partnered with Sarovar Portico. This partnership has been done in view of the growing population and tourists in Tricity. We hope that people will like this modern hotel. The main reason for making this choice is that the implementation is being done keeping the tourists, business class and middle class in mind.”
Explaining the concept, Anupam said, “The hotel allows individual investors to own a part of it where rooms belong to individual investors. Each room is a functional unit as if it was an apartment, and its owner has its property title.”
An investor gets separate ownership of the room in the hotel. So, it gives an investor an opportunity to own a part of the hotel. In which an investor can buy one or more rooms. The development company then transfers it to a hotel brand to manage, maintain and operate the property, where the hotel is considered to be the management company.
Apart from this, the development company gets revenue from rent and it employs employees and bears all operational costs and shares the 30 per cent of gross sales among all investors, leading to expected rent returns of 7-10 per cent. Also, the investor gets a free stay of 14 days per year an ideal benefit for NRI investors and frequent travellers.
Tricity’s projected demand is of 5,000 keys by the year 2025, the current total of all the keys in and around Chandigarh for three stars and above hotel properties is 1,500.
GBP aims to contribute 700 keys over this span. Tricity, which till a few years back was only considered as a gateway for Jammu and Kashmir, Himachal Pradesh, Punjab, and Haryana, is being developed as a tourist destination. So, there is a huge demand-supply gap.
The company’s endeavour is to fill the gap by bringing this new property with a unique concept and superb amenities.
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