In Bengaluru, Embassy Group To Bring Down Le Meridien Hotel For Developing Office Space

1. In Bengaluru, Embassy Group To Bring Down Le Meridien Hotel For Developing Office Space
   March 6, 2019 Team Property News India
   Embassy group, the renowned developer has decided to bring down the famous Le Meridien hotel located in Bengaluru’s CBD [Central Business District] area to develop office space here, the sources said.

The sources said that the hotel will be demolished this year and the construction of office space building will commence next year. This is a land parcel of 2.5-acre and office space is estimated to be developed on nearly 0.4 million sq. ft. area.

Three years ago, the Embassy group won the ownership of this hotel by acquiring nearly 75% of Mac Charles India share who the then owner of Le Meridien. The company acquired the same for Rs. 644 crore.

However, the speculations were high that the Embassy group, developer of India’s largest office space is likely to develop another hotel, office space or apartment in place of the current hotel.

CBRE, an independent property consultant company said that in the fourth quarter of 2018, the rental for CBD was approximately Rs. 140 per sq.ft. that was 7 percent higher than 2017 for the same period.

KKR India Asset Finance Limited [KIAFL] an arm of NBFC a leading global investment firm KKR recently decided to make an investment of Rs. 725 crore in Embassy group’s commercial project in Bengaluru