new delhi, May 16 -- Last month, Prestige Estates Projects, a real estate company primarily focused on the southern states, signed an agreement with global hospitality giant Marriott International to manage six of its upcoming hotel projects in India. The Bengaluru-headquartered group set aside a significant budget for these projects: Rs.4,250 crore, or about $500 million.
A month prior, in March, D B Realty announced plans to demerge its hospitality division and create a subsidiary called Advent International Ltd that would subsequently be listed on the stock markets. The company recently hired hospitality industry veteran Rahul Pandit to expand its hotels arm to manage assets worth Rs.2,300 crore.
Property developers with significant ho...