Mindspace Business Parks REIT has pre-leased a 5.3 lakh sq ft building at its Mindspace Madhapur Campus in Hyderabad to Chalet Hotels Limited for the development of a luxury hotel. The project entails an investment of around ₹350 crore and is expected to be completed by Q4 FY28, the company said on Feb 25.
The upcoming high-end hotel is expected to enhance the park’s premium positioning and overall attractiveness, strengthening its long-term competitiveness. According to the company, the development will also help Mindspace REIT diversify its tenant ecosystem beyond GCCs and IT-ITES occupiers to include sectors such as technology, pharmaceuticals, oil and gas, data centres, and hospitality.
This mixed-use development, predominantly a hotel, will be undertaken through Mindspace REIT’s Asset SPV, K. Raheja IT Park (Hyderabad) Limited (KRIT). The development will comprise a 330-key luxury hotel along with an ancillary commercial space, subject to finalisation of designs and requisite approvals, it said.
Mindspace Madhapur is Hyderabad’s largest Grade A integrated business campus, spanning over 13 million square feet of premium IT/ITeS office space, complemented by two Westin-branded hotels and the Inorbit Mall.
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“This development reflects our strategy of creating long-term value by strengthening the ecosystem within our existing business parks through high-quality, complementary uses,” said Ramesh Nair, CEO and MD, K Raheja Corp Investment Managers Private Limited.
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“This development reflects our strategy of creating long-term value by strengthening the ecosystem within our existing business parks through high-quality, complementary uses,” said Ramesh Nair, CEO and MD, K Raheja Corp Investment Managers Private Limited.
“By partnering with Chalet Hotels, we are combining our development and asset management capabilities with a proven hospitality platform. The long-tenure structure with built-in escalations provides meaningful revenue visibility, while the addition of luxury hospitality further enhances the attractiveness of Mindspace Madhapur for occupiers,” he said.
Under the arrangement, KRIT will develop and deliver the core and warm shell structure, while Chalet will undertake all interior fit-outs and operationalisation of the hotel and associated facilities, the statement said.
Chalet Hotels Limited is a leading owner, developer, asset manager and operator of high-end hotels in India, with a portfolio of over 3,300 keys across marquee properties.