Mindspace Madhapur to get 330-key luxury hotel by Chalet Hotels
Mindspace Business Parks REIT has pre-leased 5.3 lakh sq ft at its Mindspace Madhapur campus to Chalet Hotels for a 330-key luxury hotel. With an investment of Rs 350 crore, the project will be completed by Q4 FY28.
Hyderabad: Mindspace Business Parks REIT, owner and developer of quality Grade A office assets, on Wednesday announced pre-leasing of a building comprising 5.3 lakh sq ft of leasable area at its Mindspace Madhapur campus in Hyderabad to Chalet Hotels Limited for a luxury hotel. The project involves an outlay of Rs 350 crore and is expected to be completed by Q4FY28.
This will strengthen the Park’s integrated ecosystem by enhancing its complementary offerings. The high-end luxury hotel will also augment the Park’s premium positioning and attractiveness, a press release said.
This mixed-use development, predominantly a hotel, will be undertaken through Mindspace REIT’sAsset SPV, K Raheja IT Park (Hyderabad) Limited (KRIT). The development will comprise a ~ 330-key luxury hotel. along with an ancillary commercial space, subject to finalisation of designs and requisite approvals. This will be the third hotel on the Mindspace Madhapur Business Park campus.
“This development reflects our strategy of creating long-term value by strengthening the ecosystem within our existing business parks through high-quality, complementary uses,” said Ramesh Nair, CEO and MD of K Raheja Corp Investment Managers Private Limited.
