Marriott International Inc., which has 30 brands under its banner, is planning to bring two more brands to India soon, said a senior executive of the hospitality major.
“Today, we are unveiling the 105th property of Marriott (Sheraton Grand Chennai Resort and Spa) on the East Coast Road,” said Shibil Malik, general manager, Sheraton Grand Chennai Resort and Spa. “Very soon, we will be unveiling Tribute brand in Kochi.”
The 125-room Sheraton Grand Chennai Resort near Mamallapuram is the maiden venture of Marriott in the premier resort (beach) sector. It is developed by city-based realtor Amarnath Reddy, who has been named the MD of this venture.
“We have invested close to ₹200 crore for developing this property, including land. The project has been funded mostly through internal accruals and debt,” he said.
Mr. Reddy is also planning to set up either a four-star hotel on ECR or a boutique hotel in Chennai city. This would entail an investment of ₹120 crore. Details about the location and number of rooms would be finalised soon, he said.
“This is the sixth Sheraton hotel in India and the first in resort space. We are promoting it as a destination within destination. The room tariffs are priced 15% to 20% higher than the existing hotels on the East Coast Road and some days it might be on the lower side. There are 750 hotels in this corridor. We are not competing with others as this corridor has space for more hotels,” said Mr. Malik.