Dubai — Mubasher: Smart City Kochi, India-based information technology project backed by the investment holding company owned by Dubai’s ruler, is looking for a joint venture partner to help it set up a five-star hotel in the Indian state Kerala.
SmartCity Kochi Infrastructure Ltd has started talks with some of the leading hospitality majors and real estate companies for the hotel project, but it has not reached a final deal yet, the CEO told Arabian Business.
The UAE's conglomerate Dubai Holding owns an 84% equity stake in SmartCity (Kochi) Infrastructure Pvt, while the government of Kerala holds the joint venture’s remaining 16% stake.
“International hospitality chains are interested in taking up management contract of the hotel. So, we are now scouting for a developer for the project,” Manoj Nair said.
Nair also noted that his company is willing to team up with Saudi and Emirati financial investors to implement the hotel project on a joint-development scheme.
“Since we own the land, the company can join hands with a financial investor, with part of the land being our contribution in a co-development venture for the hotel project,” he added.
Set to be built on 9.5-acre land plot, the five-star hotel project at SmartCity Kochi will also feature a service apartment.
