Oberoi Realty is preparing to bring the Ritz-Carlton brand to Mumbai with a new property in Worli.
According to the Times of India, this new hotel is being developed for approximately $12 million and is expected to be completed by 2016. The project is being developed by Oasis Realty, a joint venture between the Vikas-Oberoi-headed Oberoi Realty and the Sahana Group.
This opening follows the launch of the Ritz-Carlton Bangalore, making this the second Ritz-Carlton property in India.
Live Mint reported that the property is spread across 17 acres and will have two towers. One tower will house a 238-room Ritz-Carlton hotel, while another will have 120 luxury residences. The hotel will be managed by Ritz-Carlton, and will include two specialty restaurants, an ocean view bar and a spa.
“We think the residential component will fetch a premium in the area because of the hotel development, which will complement it,” Vikas Oberoi, chairman and managing director, Oberoi Realty, told Live Mint.
According to Deal Curry, Obori Realty's portfolio consists of 35 completed projects in Mumbai. They are assisting with the Ritz-Carlton Hotel Company's goal of opening 15 new hotels by 2016, aiming to operate 100 hotels and resorts by that time.
"We have been searching for the perfect location for a premier hotel in Mumbai for several years with the right partners,” said Paul Foskey, executive vice-president, hotel development, Asia-Pacific, Marriott International, owner of the Ritz-Carlton brand. “This site offers everything hotel guests could want—a prime business location, stylish and contemporary design in this historically rich and vibrant city.