L&T plans Holiday Inn Estancia hotel in Chennai

Chennai: L&T Arun Excello Commercial Projects has announced plans to set up the Holiday Inn Estancia hotel in Chennai at an investment of Rs 150 crore.

This 200-room, 75-suite hotel will be open in 2011. This hotel will mark the return of Holiday Inn to Chennai, which had first set up a hotel way back in 1973 that was later taken over by another prominent hotel chain.

Holiday Inn Estancia will be part of the Rs 1500 crore Estancia Integrated Township that is developed by engineering conglomerate Larsen & Toubro (L&T) and Arun Excello Urban Infrastructure through three special purpose vehicle companies. The hotel will be managed by InterContinental Hotels Group.

The township project has been funded through a debt and equity components of 2.5 to 1. The debt fund has been provided by LIC Housing Finance and Indian Overseas Bank.

Apart from the new hotel the township will house 1900 residential apartments, a 3 million sq ft IT SEZ Park, a retail mall with multiplex and a school. The entire project is designed by RMJM, a UK-based architectural firm.

While the residential apartments will be made ready in three phases, with the first one scheduled for delivery by June 2009, the full township with all the proposed elements will be ready by end of 2011.
Project developers said that the first phase of the residential apartments has already received 60 per cent booking with a base price of Rs 3450 a sq ft.