According to news reports, the Gujarat International Finance Tec-City (Gift City) is all set to get its first five-star hotel in its 886-acre under-construction city. Gift City recently allotted four-lakh sq ft development rights for Rs 35 crore at about Rs 1,000 a sq ft to West India Hospitality to construct the 25-storey-plus five-star hotel, which incidentally will be Gujarat’s tallest hospitality project till date.
West India is learnt to have almost finalized the management contract with an international brand to run the planned 300-room hotel including a business club, which will be spread over 60,000 square foot. Starwood’s Sheraton Hotel is said to be a front runner among two other international brands for the contract.
In the first phase, around 100 rooms are planned which will then be scaled up by additional 200 rooms. The hospitality company is expected to complete construction in the next three years. Gift City will eventually have 5,000 hotels rooms in the proposed city across a total of five hotels when fully developed.
“Development of this 5-star hotel will create supportive business environment and give impetus to the overall development of Gift City,” said R K Jha, Gift City’s managing director.
Gift City has been permitted a global floor space index of 3.5 and has airport authority of India’s clearance to construct buildings up to a height of 122 metres. The hotel project is estimated to cost Rs 400 crore. A letter of allotment was sent to the company by Gift some 10 days ago.