MIR And Starwood Joins Hands And Plans Coimbatore Entry

International hotel chain Starwood Hotels and Resorts and the Kochi-based Mir Group have decided to join together to promote a chain of budget hotels throughout South India. Mir Group will be the partner of the international hotel chain for its South Indian operations. The two companies will together float a special purpose vehicle to implement the project. In the first phase, a chain of eight new budget hotels will be constructed by the new company.

Speaking to reporters Mr Arunkumar K, managing director, Mir Group, said that the new projects would come up in Kochi, Thiruvananthapuram, Mangalore, Coimbatore, Chennai and Mysore. The new company has visualised a project outlay of Rs 250 crore. The Mir Group will have a share of 20% in this. “We will acquire land for the project and construct it while the management would be done by the Starwood Hotels,” he said. According to him, the two groups would ink the pact soon. The new projects of Mir Group are expected increase its turnover from the present Rs 150 crore to Rs 1,000 crore by 2011. Mir Group is also setting up a resort project in Munnar. The project with 100 rooms will come up on 4 acres. Apart from this, the company also plans to build a network of service apartment projects in South India.

The project consultancy division of the group is in the race for the consultancy and design of the Tirupati airport project. Mir is among the three consultants shortlisted for the project. Mir Group was the consultant to the Cochin Port for their cruise terminal project. On the real estate side, Mir Realtors is at present building 2 million square feet of residential space spread over three township projects in Kochi, Thiruvananthapuram and Kannur. The first phase of Kochi project would be handed over to the customers by this year-end.

Mir Realtors is planning another major township project on 25 acres in Kottayam. The investment for the Kannur project would be Rs 100 crore while that for the Kottayam project would be around Rs 200 crore. Mr Arun said that the Mir Group is entering the education sector also. The company is planning to launch a management institution in Kochi. The institute will offer courses in construction management, hotel management, supply chain and logistics management and aviation management.

Related Posts by Categories

Business News

• Coimbatore identified for lean manufacturing programme
• Industrial estates for smaller units sought
• BEML opens its Vendor Dev Office !!
• L & T Opens its casting unit !!
• Kannan Departmental Stores on expansion
• Chamber seeks removal of duty for fibre imports
• Tata launches Photon Plus in Coimbatore
• LMW sees increase in capacity utilisation
• Premier mills fory into luxary bed market
• India tops in BPO list !
• Ramco organises programme to explain its products
• Skill development programme
• L&T bags hospital building order at cbe !
• NEPC sets up a SEZ at Palladam !!
• Top Pricol official injured in an Attack
• Swiss delegation explores business opportunities
• Move to derecognise Coimbatore Stock Exchange stayed by HC
• ‘Made in Coimbatore’ expo in Mangalore
• Dresser establishes EOU in Coimbatore
• UNIDO launching new cluster programme !
• Powerloom strike continues.....
• Pump set price may go up !!
• Japanese delegation explores opportunities in semiconductor sector
• Duty Free Shop Inaugurated At Coimbatore Airport
• U.S Consulate Consul General @ Coimbatore