Kolkata based Mani Square Ltd has ventured into hospitality business and is setting up a four-star hotel in Siliguri, West Bengal. The company has entered into marketing cum management contract with Marriott International, Inc, USA under ‘Courtyard’ brand for the same. The estimated cost of the project is around Rs. 155 crore which will be financed at a debt equity mix of 1.4:1. The company has already been sanctioned a term loan of Rs. 90 crore by State Bank of India for the project. Till March 2014, the company has incurred cost of Rs. 40.9 crore and the project is expected to be completed by January 2016.
Mani Square Ltd. (MSL), part of the Kolkata-based Mani Group, is engaged in the construction, development and maintenance of commercial, retail as well as residential real estate. It owns and manages Mani Square Mall, which is a 7,30,000 square feet retail mall in Kolkata.