Rakindo Developers, (Prasad Koneru - Managing Director) in collaboration with Millennium & Copthorne (M&C), will set up its first four star lifestyle business property in Chennai. This is M&C's maiden hospitality venture in India, as well. The property, which will come up under a new brand, will see an investment of USD 20 million.
The 121 room hotel will target business clientele, with facilities like Wi-Fi, modular furniture and business booths in casual settings. It will be located in the T Nagar commercial district and is expected to be complete in 2009. Average room rate will rest at USD 120. A second 300 room hotel at Whitefield in Bengaluru is on the charts, as well. It is expected to be complete in 2010.
Rakindo Developers earlier formed a 40:60 JV with Singapore-based Millennium & Copthorne Plc, to develop hospitality projects in south and west India. The properties provide self check-in and check-out and direct Internet booking.