EIH Ltd estimates the total cost of renovation for its Oberoi property in south Mumbai to be $35-40 million, a senior official said on Wednesday.
The property has already received insurance payment worth Rs620 million from its insurer New India Assurance, Liam Lambert, president of Oberoi Hotels & Resorts told reporters on Wednesday.
The Oberoi's south Mumbai property was damaged in November 2008 when 10 armed militants stormed Mumbai and killed 166 people.
Lambert had earlier said the 330-room hotel will be reopened with 280 rooms as 50 have been converted into suites.
The property which will reopen on April 24 is expected to generate revenues worth Rs1.6 billion for the current fiscal, Devendra Bharma, executive vice-president of Oberoi said.
"We expect the summer to have average occupancies of 30-35% and then pick up from winter onwards," he added.
At 1.45pm, shares of the firm traded up 0.52% at Rs125 in a choppy Mumbai market.
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