Five-star hotel comes down to make room for Apartments in Chennai

 
CHENNAI, India - June 3, 2014 - PRLog -- City builder Ceebros has started pulling down the unfinished JW Marriott Hotel in Chennai, which it had bought from Hyderabad-based Viceroy Hotels for 480 crore last year.
Viceroy group sold the property in MRC Nagar after completing the shell of the hotel because the hospitality sector in Chennai is going through a serious crisis with low occupancy in most five-star hotels. With more than half a dozen new star hotels being opened in the city in recent years, there is very high room inventory and hotels are struggling for business, say industry sources.
Ceebros is pulling down the unfinished J W Marriott structure to redevelop it into a residential complex. Earlier last year, Ceebros had bought Atlantic Hotel in Egmore for redeveloping it into an apartment complex. Publishing house Chand and Co, the previous owners of Atlantic, had spent crores of rupees refurbishing the hotel before it was put on the block. Ceebros bought it for 165 crore. Following this trend, Breeze Hotel on Poonamallee High Road was also put on the block.
A slow down in the economy, coupled with low demand for commercial space in the city, and also demand for residential apartments in chennai (http://www.realtycompass.com/apartments-in-chennai) had prompted an IT park developer in Adyar also to convert it into a residential project two years ago. Investors are showing interest to buy a property in chennai (http://www.realtycompass.com/).
Home buyers are eagerly awaiting the launches of these projects as the promoters have given indications of pricing them aggressively.

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