Upon completion in mid-2019, The Gaurs Sarovar Portico will offer its guests 72 rooms with all upscale amenities, a specialty restaurant and bar, and a banquet hall and party lawns with a capacity of over 10,000 people.
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The acquisition consists of a base purchase price of USD 480 mn, while Hyatt can further consider to invest up to an additional USD 120 mn in the aggregate, contingent on the outcome of certain terms to be individually defined after closing, a release issue here read.
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The property spread across 45 acres is currently undergoing minor renovation to meet ITC's sustainability practises, the company stated.
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Under the terms of the agreement with the Indian operator, as of 2018, Orange Tiger will be operating eight hotels under brand Kyriad by mid – October and fifteen by the end of this financial year and then at least ten new hotels will open every year.
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With this partnership, OYO aims to create a sustainable ecosystem powered by technology and artificial intelligence for managing hotels and assets.
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The erstwhile MSR Hotel and Spa Bangalore began its operations in 2011 under the brand name of Movenpick Hotel and Spa Bangalore; a strategic partnership between MSR Hotels Pvt. Ltd and the Swiss Hospitality giant Movenpick Hotels and Resorts.
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In addition, AccorHotels will invest $194 million in a new preferred debt instrument that will be used to redeem all existing preferred units, also held in part by Cain International. AccorHotels’ total investment in sbe will be $319 million.
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The NDMC had last year decided to re-auction the Asian Hotel, after sealing it in 2015 due to non-payment of license fees dues.
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