Indian real estate developer Prestige Estates Projects Ltd. plans to invest up to 10 billion rupees (US$203 million) over the next three to four years to build hotels, according to a Friday report from Bloomberg.
Chairman Irfan Razack said Prestige will invest about 2 billion rupees (US$40 million) to build a Hilton hotel in Bangalore, where the Indian company is based and already building an Aloft hotel. It is also constructing a Marriott Hotel at its Prestige Golfshire project.
The company is building hotels in the southern Indian city, home to the Indian offices of Google Inc., Infosys Ltd. and Texas Instruments Inc. aiming to draw customers from the information technology industry, Razack said.
“Hotels are a long-term play, we won’t get returns immediately,” Razack said in a conference call with analysts.
The company has also partnered with Oakwood Worldwide, a serviced apartment manager, to operate a 218-unit luxury service apartment in Bangalore.