Asotech plans five-star hotel in Bhubaneswar

After the launch of Cosmopolis, a group housing project consisting of about 800 apartments, Assotech Limited, a Noida-based real estate firm, is now planning to set up a five-star hotel in the city.

Assotech has acquired three acres of land close to the city airport for the proposed five-star hotel which would come up under the banner of Radisson Hotel. “It will be called Radisson Hotel as the hotel chain has given us the franchisee. Radisson would only offer its brand name while Assotech would make the entire investment and also be responsible for management of the hotel”, a senior official of Assotech told Business Standard.

He declined to comment on the investment figure for this project. The five-star hotel would consist of 200 rooms and is expected to be launched soon. The hotel is scheduled to be ready for operation within 25 months.

Meanwhile, the Cosmopolis project being developed by Assotech BEBL Infrastructure Limited, a 50:50 joint venture between Assotech and the city-based B Engineers and Builders Limited is expected to be commissioned by the end of 2012. As per the original plan the Cosmopolis project was to consist of 666 apartments entailing a cost of Rs 230 crore. The project cost is now revised to Rs 400 crore as Assotech BEBL Infrastructure Limited has planned to add four bedroom flats, service apartments and high-end duplex homes.