Mumbai-based realty developer Oberoi Realty and The Ritz-Carlton Hotel company are teaming up on the upcoming Worli hotel in Mumbai. The 238-room hotel will be part of a mixed-use project, expected to open in 2016-17.
Along with the hotel, Ritz-Carlton will also manage around 140 apartments in the adjacent tower. This will be Ritz-Carlton's second property in India, after its first property opened in Bangalore last year.
"We have been searching for a perfect location for a premium hotel in Mumbai for several years with the right partners. This site offers everything hotel guest could want-a prime business location, styling and contemporary design in this rich and vibrant city," said Paul Foskey, EVP, hotel development, Asia-Pacific, Marriott International.
It is being developed by Oasis Realty, a joint venture between Oberoi Realty and Sahana group.
"We will invest total Rs 750 crore on hotel development and this will be financed by sale of residential units in this project," said Vikas Oberoi, CMD, Oberoi Realty.
The developer has already reportedly started the construction of both hotel and residential tower.