Pune realtor buys 20% in Mumbai Shangri-La hotel

Pune-based Avinash Bhosle Infrastructure is likely to acquire 20% in one of the hotels being developed by Phoenix Mills Ltd in Mumbai.

The hotel, a five-star with over 400 rooms, is under construction at High Street Phoenix at Lower Parel, and will be managed under the Shangri-La brand once operational in 2010-11.

Confirming the development, an industry source told DNA, “Avinash Bhosle Group has subscribed to convertible debentures of the company. When converted, the investment will lead to a stake of approximately 20% in the hotel.”

The source couldn’t provide details about the amount being invested and the time frame for conversion.

Officials of both sides could not be reached for comment.
ABIL’s website lists the Shangri-La as one of the projects under their
hospitality business. The group’s upcoming developments include a 277-room five-star at Pune and a 130-key hotel in Nagpur.
The Pune property, expected to open by October, will be managed by Starwood Hotels & Resorts under their Westin brand.