Prestige Estates project joins hands with DB Group to build a hospitality project
The upcoming Hotel and Convention Centre will be built on a land parcel spread over 7.7 acre at DIAL Aero City in Delhi
Prestige Estates Projects has entered into a joint venture with DB Realty to develop a hospitality-led mixed-use project in Delhi. The proposed Hotel and Convention Centre will be built on a land parcel spread over 7.7 acre at DIAL Aero City in Delhi. The project is estimated to be around INR 2,000 crore, which is the balance required to complete the project and Prestige will bring in INR 355 crore for 50 per cent equity stake in the Joint Venture. The upcoming project will be India's one of the largest hotel with about 932 keys, a convention facility of over 2,00,000 sq.ft (20,000 seat capacity) and office spaces with business centre of about 650,000 sqft. The project is likely to be completed by 2022.The deal marks Bangalore-based Prestige Estates Projects’ entry into the Delhi market.