Indira Gandhi International Airport's hospitality district Aerocity will be getting a new hotel and the country’s largest convention center. Mumbai-based builder DB Realty's hospitality arm has partnered with the Reliance Group to develop a 1,100-room hotel and convention center on a 7.7-acre land parcel owned by DB Realty.
The real estate firm acquired the plot from the Delhi International Airport Ltd. at auction seven years ago for Rs 400 crore. A source told the Economic Times that the firm is now close to selling a 49-percent stake in the special purpose vehicle, the maximum it is allowed to sell, to Reliance Group. No price on the deal was announced.
DB Realty has been trying to sell a stake in the Aerocity project for the last four years, and has also been trying to sell all or some of its operational hotels.
The development is significant as India is looking to host a G20 summit in Dehli in either 2018 or 2019. A source said that, with this goal in mind, the JV wants to have both the hotel and convention center open by mid-2018.
DB Realty is reportedly in talks with several international hotel brands to manage the 1,100-room hotel.
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