Five-star hotel project being developed by Greenwoods Palaces & Resorts Pvt Limited (GPRPL) at Mumbai airport will be ready by the end of this calendar year. The proposed hotel has a room inventory of 286 rooms catering to the tourists, business and conference segment with specialty restaurants, bar, banquet hall, business centre, retails, etc. The company has received all the requisite sanctions and necessary approvals to set up the hotel.
The estimated project cost, beyond the civil structure expenses and high side equipment (which is borne by Mumbai International Airport Ltd) is Rs. 300 crore. Out of the total project cost of Rs. 300 crore, Rs. 225 crore is proposed to be financed through debt and the balance equity contribution of Rs. 75 crore. The exterior structure was completed by MIAL and handed over to GPRPL on July 1, 2012.
GPRPL is a consortium, jointly set up by Greenridge Hotels & Resorts Private Limited (Greenridge) and TAJ GVK Hotels & Resorts Limited.