339-Key Luxury Hotel Planned at Mindspace Madhapur
New Delhi, February 25: Mindspace Business Parks REIT has announced plans to develop a luxury hotel in Hyderabad with an investment of ₹350 crore, further expanding its presence within the commercial real estate and hospitality segment.In a regulatory filing on Wednesday, the company said it has pre-leased a 5.3 lakh sq ft building at its Mindspace Madhapur campus in Hyderabad to Chalet Hotels Ltd for the development of a luxury hotel. The project is scheduled for completion by the fourth quarter of 2027-28.
The upcoming development will comprise a 330-key luxury hotel along with ancillary commercial space, adding to the existing hospitality infrastructure within the campus.
Strategic Partnership with Chalet Hotels
Under the agreement, Mindspace REIT’s special purpose vehicle will develop and deliver the core and warm shell structure of the property. Chalet Hotels Ltd will undertake the interior fit-outs and operationalization of the hotel and associated facilities.Chalet Hotels currently operates a portfolio of over 3,300 keys, strengthening its presence in the premium hospitality segment through this addition.
Ramesh Nair, CEO and MD of K Raheja Corp Investment Managers Pvt Ltd, said the partnership brings together Mindspace’s development and asset management capabilities with Chalet’s hospitality platform. He noted that the long-term structure with built-in escalations provides revenue visibility, while the addition of luxury hospitality enhances the overall appeal of Mindspace Madhapur for occupiers.
Strengthening the Mindspace Madhapur Ecosystem
The Mindspace Madhapur business campus spans over 13 million sq ft of premium IT and ITeS office space. The campus is complemented by two Westin-branded hotels and the Inorbit Mall, positioning it as an integrated commercial and lifestyle destination in Hyderabad.The addition of a new luxury hotel is expected to further enhance the campus’ mixed-use ecosystem, catering to corporate occupiers and business travelers.
About Mindspace Business Parks REIT
Mindspace Business Parks REIT, sponsored by the K Raheja Corp group, was listed on Indian stock exchanges in August 2020.The REIT owns office assets across the Mumbai Region, Pune, Hyderabad, and Chennai. It has a total leasable area of 39 million sq ft, of which 31.9 million sq ft is completed area. Its portfolio includes five integrated business parks and nine independent office assets.
With the planned hospitality expansion in Hyderabad, Mindspace REIT continues to build on its integrated business park strategy while diversifying its asset base within key urban markets.
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