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Brigade Enterprises to invest Rs 250 crore on lease rental projects

28 May 2014

Brigade Enterprises is planning to invest Rs 250 crore this fiscal with a focus on lease rental projects and increasing hospitality assets. The company, which partnered with InterContinental Hotels Group is planning to develop 20 Holiday Inn Express (budget) hotels in South India, has commenced construction of its first project in Bangalore. The hotel will have 275 keys and average spend on per room is around Rs 35 lakh.

Other projects of the company comprised Holiday Inn Express at Chennai, Grand Mercure in Mysore and Orion West mall at Banaswadi in Bangalore.

Brigade Hospitality Services currently has two properties operational in Bangalore -- Grand Mercure and Sheraton Towers -- with a total of 356 keys.

Brigade Enterprises is a flagship company of Brigade Group, which is one of South India's leading property developers. The company has completed 67 residential, commercial, retail and hospitality projects, covering over 6.74 million square feet of developable area.

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