Hyderabad, April 27 (IANS) Hyatt Hotels Corp opened India's first city Park Hyatt hotel in the Andhra Pradesh capital Friday.
The premium luxury hotel, which has come up in upscale Banjara Hills in the heart of the city, has 185 rooms, 24 suites and 42 fully serviced luxury apartments, The Residence, with five-star facilities and amenities.
Built by Gayatri Heritage Hotels, a Gayatri Group company, with an investment of Rs.700 crore, it joined the select group of Park Hyatt hotels in the world.
It is also the first of the four hotels planned by the US-based group in Hyderabad. Two Hyatt Regency hotels and one Hyatt Place are also coming up in the city.
Former Congress MP and chairman of Park Hyatt Hyderabad, T. Subbarami Reddy told reporters Friday that it is the first hotel in Hyderabad to offer fully serviced luxury apartments.
The elegant hotel designed to international standards has come up on three acres of land and it took three and half years for Gayatri to complete the project.
Subbarami Reddy said the hotel was wholly owned by Gayatri Group while Hyatt Hotels Corp would manage it. He, however, declined to reveal the revenue sharing arrangement between the two.
The hotel project was financed in the debt-equity ratio of 60:40.
The group also plans to build Hyatt Regency hotel on five acres of land near the airport in coastal city of Visakhapatnam.
While admitting that the business in Hyderabad took a beating during last three to four years due to the downturn and disturbances (over Telangana), the industrialist-politician was confident of a break even with 50 to 60 percent occupancy.
The room tariff starts with Rs.12,000 while the accommodation in the luxury apartments will cost anywhere between Rs.2 lakh to Rs.3 lakh per month.
Reddy plans to throw a lavish party on April 29 to formally launch the hotel. It will be attended by several central and state ministers and top film personalities of Bollywood and Telugu cinema.
Though Hyatt has Park Hyatt in Goa, it is a resort hotel. Hyatt currently has 29 Park Hyatt hotels in the world.
The brands of Chicago-headquartered Hyatt Hotels include Hyatt, Park Hyatt, Andaz, Grand Hyatt, Hyatt Regency, Hyatt Place and Hyatt House.
The group currently has 11 hotels in India and the number would go up to 13 by the end of this year. Park Hyatt Chennai will open this year, said Sven Hoffmeyer, general manager, Park Hyatt Hyderabad. Hyatt Regency Guragon is also slated to open this year.
"Park Hyatt hotels are premium luxury hotels designed to cater to the discerning individual seeking the privacy, personalised service and luxurious elegance of a contemporary hotel," said Hoffemeyer.
Designed by the renowned architecture firm of John Portman and Associates, the modern, eight-storey Park Hyatt Hyderabad has used 70 percent steel in the construction.