Taj, ETA tie-up for projects in Dubai
ETA Star has entered into a management contract with Taj Hotels, and for its $330 mn Taj Exotica Resort in Dubai.india Updated: Apr 05, 2006 16:45 IST
Leading UAE property developer ETA Star on Wednesday entered into a management contract with Taj Hotels, Resorts and Palaces and for its $330 million Taj Exotica Resort and Spa and The Grandeur Residence Project located at The Palm Jumeirah Crescent, Dubai.
"While ETA Star will be the owners and developers of the properties, Taj will manage it for them," The Indian Hotels Company Ltd (managing the Taj brand of hotels) Managing Director and CEO Raymond N Bickson told reporters in Mumbai.
The renewable contract is for a ten-year duration, he said.
ETA Star Executive Director Abid Junaid said the Grandeur Residence Project comprising 200 freehold fully furnished apartments are in price range of $520,000 to $3.5 million.
"They will be available with an option of outright purchase or with purchase and leasing back to ETA for investment purpose," he said, adding that about 50 apartments have been sold in two weeks of the launch of bookings in Dubai.
Bickson said the Taj Exotica Resort and Spa will be operational by 2009 and target the business and leisure traveller.
"We would earn about Rs 2-5 million a year in revenues," he said, adding the group will also provide full service to the Grandeur Residences.