Chalet Hotels Partners Mindspace REIT for Rs 350 Crore Project

Mindspace Business Parks REIT has signed a pre- lease contract with Chalet Hotels Limited to develop a luxury hotel in its Mindspace Madhapur campus in Hyderabad. The 5.3 lakh sq. ft. building that will constitute a local investment of about Rs 350 crore is set to be ready by Q4 FY28.

This integrated project will include entry of 330-key luxury hotel, and the ancillary commercial area, which will help to escalate the overall status of Mindspace Madhapur as a good business destination.

Key Highlights

• Mindspace REIT signs Rs 350 crore deal with Chalet Hotels for a luxury hotel.
• The project includes a 330-key hotel and additional commercial space.
• Partnership aims to diversify tenants and enhance long-term park value.

The expansion is in line with the strategy of diversifying the tenant ecosystem of Mindspace REIT, who has previously been dominated by GCCs and IT-ITES occupiers. The inclusion of the hospitality industry will allow an introduction of new opportunities and make the campus an appealing location to more industries, among them being technology, pharmaceuticals, oil and gas, and data centres.

This will be developed under K. Raheja, Asset SPV of Mindspace REIT, IT Park (Hyderabad) Limited (KRIT). The interior fit-outs and operationalization of the hotel will be done at Chalet Hotels.

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Ramesh Nair, CEO and MD, Mindspace Business Parks REIT, said, “This development reflects our strategy of creating long-term value by strengthening the ecosystem within our existing business parks through high-quality, complementary uses.” 

Through this partnership, Mindspace REIT is able to diversify its portfolio, which further increases the competitiveness of its business parks in the long term and sustainable high quality growth.