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Oberoi Realty today said it has tied up with international luxury brand Ritz-Carlton for its upcoming Worli hotel project.
This project would be developed by Oasis Realty, a joint venture between Sahana and Oberoi Realty. It would comprise two high-rise towers.
Ritz-Carlton Hotel company operates 85 luxury hotels and resorts in major destinations in 26 countries.
"We have join hands with The Ritz-Carlton as the hospitality partner for our mixed use development in Worli.
Globally, The Ritz-Carlton is known for its legendary services and they have splendid properties at the most sought after locations worldwide," Oberoi Realty cairman and managing director Vikas Oberoi told reporters.
"We will invest total Rs 750 crore (Rs 7.5 billion) on hotel development and this will be financed by sale of residential units in this project," Oberoi said.
The company plans to begin hotel operations in 2016-18 after completing construction of 45 floors of the residential component and eight floors of the hotel, he said.
Both Oberoi Realty and Ritz-Carlton refused to share further details of the management contract stating confidentiality.
On the association with Oberoi Realty, Paul Foskey, Executive Vice President, Hotel Development, Asia-Pacific -Marriott International, which manages Ritz-Carlton, said, "We have been searching for the perfect location for a premier hotel in Mumbai for several years with the right partners.
This site offers everything hotel guests could want-- a prime business location, stylish and contemporary design in this historically rich and vibrant city."