Omaxe to invest Rs 200 cr to set up five-star hotel

Real estate firm Omaxe on Wednesday said it will invest Rs 200 crore to set up a five-star hotel in New Chandigarh, where it is developing an integrated township. The company has joined hands with the Intercontinental Hotel Group (IHG) to manage and set up the 150-room hotel, named as Holiday Inn, a statement issued said.

"Omaxe will invest close to Rs 200 crore in building this luxurious hotel that will cater to corporates and the local elite, including tourists," the statement said. The office and retail spaces in the vicinity have been attracting reputed companies from sectors like IT, BFSI and retail in the national and international arena, it said. "This hotel is a step forward towards creation of a commercial hub in Omaxe New Chandigarh that will house two offices and retail spaces – International Trade Tower and India Trade Tower, along side the hotel," according to the release. The integrated township is spread across 700 acres, the company said.