Ad Here  
July
August
September
October
November
December
 
 
A luxurious retreat amidst the city... Chennai’s first beach facing hotel This spurt in hotel rooms in Chennai From Park to Crowne
 
This spurt in hotel rooms in Chennai
After slow growth for four decades, the hotel industry experiences frenetic activity in Chennai: against the capacity of 2000 guest rooms in 2010, today it is around 4000! The additions cause room rates to fall from Rs.10,000 plus to Rs.6000-7000 per night.
HYATT REGENCY, CHENNAI has received the prestigious award for the best international hotel marketing at the International Hotel Awards held at London. “With the distinction of being the first Hyatt hotel in southern India, Hyatt Regency Chennai has always strived to be innovative and represent the brand’s core value of creating memorable guest experiences. Our entire marketing mantra was completely driven around that value,” said Shubham Chandra, Director, Sales & Marketing, Hyatt Regency, Chennai. 

Chequered history...

This prestigious landmark in the heart of Chennai has a chequered history. In the 1990s, the Balaji group, enjoying a boom in its liquor trade, embarked on a many-sided expansion that included steel and hotels. The group planned setting up an ambitious project – a five star hotel in the five acre land it acquired from the Satya Sai Trust, adjacent to the DMK Headquarters on Anna Salai in Teynampet. (This property was known as Abbotsbury). The hotel was designed in 1986 and construction started in 1990. Constructed by L&T-ECC, the hotel project took quick shape in the initial years. 

However, the tragic assassination of the eldest of the three Magunta Reddy brothers, Subbirami Reddy, of the Balaji group and the decline in the fortunes of their liquor trade resulted in a severe cash crunch that stalled construction. With compounded interest charges, liabilities mounted and reached around Rs 450 crore. The Oberois, who initially teamed up with the Maguntas, withdrew and the property languished with large dues to financial institutions, L&T and other vendors.  

With the Chennai entrepreneur mostly interested in automobile, auto components and other engineering companies, there was no great enthusiasm on their part to take over the Magunta hotel. Until around 2008 for over 15 years, the property got struck. The boom enjoyed by the state, thanks to the IT sector and the advent of large multinationals revived interest. With international bidding supported by funding from large banks, Hyatt took control. In just around a couple of years, Hyatt Regency refurbished the sprawling property and opened it on August 2011 at a cost of Rs 550 crore.   

1 2
Author :
Reported On :
Sector :
RELATED NEWS
ABOUT IE
IE, the business magazine from south was launched in 1968 and pioneered business journalism in south. Through the 45 years IE has been focusing on well-presented and well-researched articles. When giants in the industry stumbled to keep pace with the digital revolution, IE stayed affixed embracing technology.
Read more
 
PRIVACY POLICY
Economist Communications Ltd is committed to ensuring that your privacy is protected.
Read more
TERMS AND CONDITIONS
You agree that your use of this Website and the purchase of the magazine will be governed by these terms and conditions.
Read more
 
CONTACT US
S-15, Industrial Estate,
Guindy,
Chennai - 600 032.
PHONE: +91 44 22501236
EMAIL: indecom1968@gmail.com