DRMumbai: Indian hospitality sector will get a big boost with Twenty14 Holdings, LuLu Group International’s hospitality investment wing, making a grand foray into the Indian market. Flaunting its marquee projects like The Great Scotland Yard Hotel, London and the Waldorf Astoria Edinburgh, the Group has now invested in developing India’s first ‘Residence Inn by Marriott’ at Electronic City in Bengaluru. The city will also have yet another Marriott near the Kempegowda International Airport. Launched in 2014, Twenty14 Holdings has acquired hotels around the globe with investments in countries like the UK, India, UAE and Oman.
“India presents a great opportunity for investments in the hospitality sector in both greenfield and brownfield properties. India has a large inventory of stressed assets. A standard pricing and valuation metric will allow investors to find value assets among them,” said Adeeb Ahamed, MD, LuLu Exchange Holdings & Twenty14 Holdings.
The Group, which has invested in India’s first ‘Residence Inn by Marriott’ at Electronic City in Bengaluru, envisions to become a billion-dollar hospitality firm by 2020
The Marriott near Kempegowda International Airport will be a 200-key hotel that will cater to both business travellers and tourists. The Residence Inn by Marriott at Electronic City will be a 110-key property. Both hotels will be opened by the fourth quarter of 2019. It is also developing India’s first ‘Tribute Portfolio by Marriott’ near the Kochi International Airport. Twenty14 Holdings acquired Abad Airport Hotel in Kochi and rebranded it as ‘Tribute Portfolio by Marriott’. The hotel will be open to guests by the second half of 2018. With assets worth more than $650 million spread across the UK, Middle East and India, Twenty14 Holdings owns the Steigenberger Hotel Business Bay in Dubai, UAE; Sheraton Oman at Muscat; The Great Scotland Yard Hotel, London and the Waldorf Astoria Edinburgh – The Caledonian in Scotland, in addition to the properties in India.
“We envision creating a billion-dollar hospitality firm by 2020. The Group’s acquisition and investment strategies have been developed through in-depth research by its hospitality-focussed investment professionals. We aim to have a diverse set of properties that will include city hotels, resorts and spa destinations, among others. We are currently pursuing two properties in mainland Europe, details of which will be revealed soon,” said Adeeb.
INVESTMENTS IN THE UK
Elaborating on the first Twenty14 Holdings investment in the UK, Adeeb said that it was an honour to be part of The Great Scotland Yard project working alongside property developer Galliard Homes to create a luxury boutique hotel in London. “We have further enhanced the project by investing another £20 million on top of the £110 million deal. The property will be opened during the last quarter of 2018,” he added.
‘‘The Group intends to spend $28 million, in addition to the $120 million it has invested, for enhancing and adding 50 new keys to Waldorf Astoria Edinburgh – The Caledonian’’ – Adeeb Ahamed, Managing Director, LuLu Exchange Holdings & Twenty14 Holdings
The Group also intends to spend $28 million, in addition to the $120 million it has invested, for enhancing and adding 50 new keys to Waldorf Astoria Edinburgh – The Caledonian in Scotland over the next two years. “It’s a beautiful, historic landmark with a rich heritage and we are excited about the opportunity to thoughtfully restore and respectfully maintain The Caledonian’s heritage, peerless hospitality and distinctive architecture,” Adeeb said.
Regarding the firm’s ventures in the Middle East, Adeeb is all praise for the hospitality sector in Dubai. “In addition to the double-digit growth in the tourism sector, Dubai’s status as a world-class holiday, business and leisure destination shows no sign of diminishing as it approaches Expo 2020. We believe that it is a great time to invest in Dubai in lieu of the robust real estate market,” said Adeeb. Currently, Twenty14 Holdings has around 900 rooms across the globe and plans to take this number to 1500-plus in the next two years.
