The iconic Le Meridien hotel on Sankey Road will be history in the coming months. Le Meridien overlooks the serene and iconic Bangalore Golf Club and boasts of 197 rooms and 30 suites. Embassy Group plans to pull down the building to make way for office space in one of the poshest areas in the City.
End of an ERA
The 2.5-acre land is expected to have 0.4 million square feet of office space. The hotel building will be brought down this year and construction of the office building is likely to start next year, the report further added.
Embassy gained ownership of the hotel in 2016 when it acquired around 75% of Mac Charles India, the then owner of Le Meridien for Rs 644 crore.
The Deal
This will be the first significant deal in a rather quiet year, though discussions have been on for other transactions. Hopefully, this should be a trigger for more deals to happen in the months to come,” said Mandeep Lamba, managing director, India, Hotels, and Hospitality Group, JLL.
The Future
According to the report, the hotel will be demolished this year and the group is likely to construct a new building next year. Since the stakes were bought by the embassy, there were talks on demolition as the chairman of the embassy, virwani, has earlier said that they might turn it into an office space or a residential tower.
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