Thane Will Feature a New 5 Star Hotel by Oberoi Realty

Oberoi Realty is in discussions with Marriott and Hyatt about taking over management and operations of the hotel.

Persons with knowledge of the matter have said that Oberoi Realty is in negotiations with global hospitality giants like Marriott International and Hyatt to manage and run a five-star luxury hotel resort it plans to create in Thane, Maharashtra.

As part of its projected integrated development covering up to 75 acres, the business is eyeing the construction of a 300-key hotel. Thane, which is close to Mumbai, the country's financial hub, will soon be home to the first five-star hotel in the region.

The planned hotel facility is being negotiated with many major hotel chains, including JW Marriott and Grand Hyatt. According to one of the aforementioned sources, "the deal should be signed soon."

As the owner of the five-star Westin Mumbai Garden City hotel in the Mumbai neighbourhood of Goregaon, Oberoi Realty is already familiar with Marriott International. In May of 2010, operations began at this hotel, which has 269 rooms.

In addition, Oberoi Realty's Three Sixty West is a high-end mixed-use development with branded apartments and a Ritz-Carlton, a part of Marriott International, hotel with 220 rooms. It would be the biggest hotel in India and the third Ritz hotel in the nation, after those in Bengaluru and Pune.

On this 75-acre plot of land in Thane, the business intends to construct an integrated complex including a total of 15 million square feet of real estate. This will include high-end housing, commercial space, a public park, and a school for foreign students. Around Rs 10,000 crore would be invested by the firm during the course of the project's development.

Hotel, residential, and educational components are all planned for the initial phase of the project, which is slated to begin shortly. In a recent earnings conference call, Vikas Oberoi, CMD, Oberoi Realty, said that the hotel and international school components of the project are in the design phase, and that the business is expected to announce the brands shortly.

This residential-led township project is expected to see at least one million square feet of new construction from the corporation per year.