Realty developer Kanakia Group's hospitality arm roped in the Hyatt Hotels Corp to manage its upcoming 150-room hotel in Goa.
The cost of land and construction is expected to be financed through a 50:50 debt-equity structure. The hotel is expected to be ready in the next 18 months. In 2012, Mumbai-based Kanakia Group sold its entire stake in multiplex chain Cinemax India. The group plans to focus and invest funds from this stake sale in its real estate and hospitality ventures.
The Goa property-for which Kanakia said all necessary approvals are in place-will be the developer's third hotel in the country.
The group owns the 331-room Marriott Courtyard hotel in Mumbai and a 185-key Novotel property in Ahmedabad.