Hilton: Embassy Office Parks REIT, Hilton to develop hotels in Bangalore

Embassy Office Parks REIT and global hotel company Hilton have entered into a partnership to develop over 500 key hotels in Bengaluru with an investment of Rs 850 crore.

The upcoming dual-branded hotel will consist of two hotels – a Hilton Hotels & Resorts branded hotel and a Hilton Garden Inn branded hotel and will be housed in Embassy Tech Village (ETV) – owned by Embassy REIT – in Bangalore’s Outer Ring Road. The business park currently has approximately 7.3 million square feet of existing office space, including 2 million square feet under construction. The park hosts companies such as Flipkart, JP Morgan, and Wells Fargo, among others.

It is the second sister brand hotel – Hilton Hotels & Resorts and Hilton Garden Inn, undertaken jointly by the two companies, which is expected to break even by 2023 with a recovery in the hospitality industry.

The Hilton Hotels Embassy Manyata is one of the largest resorts in South India and the largest in the country, with approximately 60,000 square feet of convention space and a 13,000-foot pillarless Grand Ballroom squares that can accommodate up to 1,500 people.

Embassy Manyata is one of India’s largest business parks with an operational area of ​​approximately 12 million square feet and provides wellness-focused Class A office products to over 100,000 employees of 42 global companies.

“The opening of one of the largest hotel complexes

in South India is a key milestone for Hilton as it ushers in a new era of post-pandemic travel. We are confident that the Hilton Hotels Embassy Manyata resort will mark the return of in-person events and become the first preference for leisure and

business travelers as we continue to deliver exceptional experiences created through renowned Hilton hospitality. Additionally, it reinforces our strategic partnership with Embassy REIT and our positive vision of creating a sustainable hotel experience,”

Navjit Ahluwalia, senior vice president and country manager of Hilton India, said.

In 2021, Embassy Office Parks REIT acquired Embassy

TechVillage through an ROFO agreement from Embassy Sponsors subsidiaries – Blackstone and Embassy Group – for Rs 9,782 crore and has completed the ownership integration.

Embassy REIT is also expecting its hotel business

to turn positive in the current financial year with an expected rental income of Rs 40 crore compared to a loss of Rs 16 crore in the hotel business due to the COVID-19 outbreak and the subsequent closure of hotels across the country. The segment should be

one of the main demand drivers for the company.

”The opening of the Hilton Hotel and Convention

Center at Embassy Manyata creates a hospitality anchor at the entrance to one of the largest business parks in India. Embassy REIT’s partnership with Hilton continues to grow with the opening of this integrated resort which we believe will become the

Bengaluru’s brightest beacon of hospitality,” said Michael Holland, CEO of Embassy Office Parks REIT, without sharing details of the investment.

Embassy REIT owns and operates a fleet of 42.8 million

portfolio of eight infrastructure-type office parks and four downtown office buildings in Bangalore, Mumbai, Pune and the National Capital Region (“NCR”). The portfolio also includes strategic facilities, including four operational business hotels,

two hotels under construction and a 100 MW solar park providing renewable energy to tenants.

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