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HOTEL DEVELOPMENT PROPOSAL IN JHANSI - TEAM HARLFORUM - 12-04-2015
JHANSI
A well located mixed-use hotel development is being undertaken by a well known developer of Jhansi. The developer is seeking a hotel management company or an investor partner who can join as a JV partner and can manage the hotel.
Jhansi is a prominent city of Bundelkhand region of Uttar Pradesh state. Jhansi is a major road and rail junction, and is the administrative seat of Jhansi District and Jhansi Division. The city is well connected to all major towns in Uttar Pradesh by road and railway networks. A new Airport has been proposed in Jhansi. Jhansi is an important centre for trade and commerce in the state. Engineering colleges, Medical colleges, Hotel Management institutions, Research institutes, Technical training institutes and other high order educational facilities has transformed the city into an educational hub. Amongst key industrial units include plant of BHEL.
Outlook for Retail Jhansi is an emerging retail destination for national level retailers, primarily on account of it being one of the most populous cities in the Bundelkhand region. The UP State tourism department envisions Jhansi to become the tourism hub for Bundelkhand. In the short run Jhansi is expected to gain leverage from tourist flows to Khajuraho and act as a transit tourist destination. Some of the important tourist destinations existing and being developed in the hinterland of Jhansi include Kalinjar, Todi-Fatehpur, Orchha (M.P.): 18 km from Jhansi, Shivpuri (M.P.): 101 kms from Jhansi, Datia (M.P.): 4 kms from Jhansi, Sonagiri (M.P.): 45 kms from Jhansi and Deogarh (M.P).
Further, Jhansi has been approved by the Indian Government to be developed as 'Smart City' in a mission mode and included in the prestigious '98 Smart City' project of Govt. of India.
LOCATION: The subject site is a 0.5 acre land parcel on Railway sports ground adjacent to the Jhansi Station Building. It is on the central part of the city. Land is taken on lease for mixed –use development for 45 years.
The company plans to build a multi-use development consisting of two basements, two floors consisting of commercial, shopping and food court and hotel on upper floors.
The hotel shall consist of 60+ guest rooms including other facilities.
Building plans are approved and construction work has started.
The company has engaged well know Delhi based architect firm Egis India for architecture and other services.
The company has signed LOI with Taj Group for their Ginger brand to manage the hotel. IBIS has also shown interest to manage the hotel.
The study shows that the hotel will be very profitable, due to its advantage of location.
The estimated value of the hotel component of the project is Rs 30 crore. The company may give upto 49% share in the hotel part of the project on an investment of Rs 15 crores. The company will also consider another hotel brand of JV partner’s choice, subject to suitability of the brand and terms of engagement.