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Real estate developer Brigade Enterprises is planning to spend ₹250 crore this fiscal with a focus on lease rental projects and increasing hospitality assets.
“Lease rental assets are commercial mall or office spaces. The company is eyeing predominantly Bangalore. The other projects are one each in Kochi, Chennai and two projects in Mysore,” Suresh K, chief financial officer, Brigade Enterprises, told Business Line .
The company, which partnered with InterContinental Hotels Group to develop 20 Holiday Inn Express (budget) hotels in South India, has commenced construction of its first project in Bangalore.
“Our first Holiday Inn Express hotel is coming up on Race Course Road in Bangalore. The hotel will have 275 keys and average spend on per room is around ₹35 lakh,” Suresh said.
Other projects include 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.
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