Goldman buys into Banglore hotel

The Goldman Sachs Whitehall Real Estate Fund has picked up a 73% stake for Rs 500 crore in a seven-star hotel project being built by Century Real Estate in Bangalore.
International hotel chain Four Seasons will be the management partner for the property that will cost Rs 2,000 crore, Century officials told DNA Money. 

Century Real Estate is promoted by the Dayanand Pai led group, which has diverse interests in real estate, education and integration townships.The hotel property will have a unique format with branded residences being marketed as an integral part of the project.

Apart from the 200-room hotel, it will also have 220 ultra-luxury apartments in the same vicinity.Simultaneously, Century is also entering the affordable housing segment and has launched its maiden venture, Century Indus, in Bangalore.

The Rs 300 crore project will have 800 flats of 2 and 3 BHK costing Rs 22-28 lakh. The first phase of the seven-tower project consisting of 200 units is expected to be completed by November 2011.

Eyeing demand at the bottom of the pyramid, the company is investing Rs 1,050 crore for the affordable push to develop 6,500 apartments over the next three years, Century group managing director Dayanand Pai said.

Century is also looking at setting up a state-of-the-art old-age home on the outskirts of the city. The project envisages an investment of Rs 100 crore and has already bought 50 acres of land on the outskirts of the city.

Century has a land bank of 3,000 acres with an asset valuation of $2 billion.
The company has a portfolio of 10 million square feet spread across hospitality, commercial real estate, integrated townships, residences etc.