Realty firm 'The 3C Company' today announced tie-up with global hospitality major Four Seasons Hotels and Resorts for managing its five-star hotel in Noida.
"This strategic tie up with Four Seasons for management of our 5-star hotel marks our entry into the hospitality sector. The hotel is expected to be operational by 2014," The 3C Company Director Vidur Bharadwaj told reporters in New Delhi.
The luxury hotel, comprising 250 keys, would come up at the 12.5 acre mixed-use project 'Delhi One', which the Noida-based developer is building at a project cost of Rs 1,800 crore (Rs 18 billion).
He highlighted that the company has signed an exclusive deal wherein Four Seasons Hotels and Resorts would not create any other property in Delhi and Noida for the next 25 years.
Four Seasons would also provide services to 180 luxury residential apartments, Bharadwaj said, adding that some of the services would be mandatory such as security and maintenance of common area while some would be optional.
Four Seasons Hotels and Resorts currently has 85 hotels across the world.
In India, it has one operational hotel in Mumbai with around 210 keys and one is under-construction at Bangalore with 250 keys.
"We have been looking for entering into Delhi market for many years. The location of this hotel is very attractive," Four Seasons Hotels and Resorts Vice President (Development) Asia Pacific Christopher Wong said after signing the letter of intent with the developer.
On the Delhi One project, Bharadwaj said this would be a mixed used development project with four million sq ft of developable area.
The investment to develop this project would be Rs 1,800 crore (Rs 18 billion) that includes a land cost of Rs 600 crore (Rs 6 billion).
The 3C Company is currently working on various projects that comprises 22 million sq ft of development and is worth Rs 15,000 crore (Rs 150 billion).
