Cybercity Builders and Developers has teamed up with Hyatt Hotels Corporation to build two five star business hotels with an investment of about Rs 400 crore.
The proposed ‘Hyatt Place’ brand hotels will come up in Hyderabad and Bengaluru with 200 rooms each. This is Hyderabad-headquartered Cybercity group’s first foray into the hospitality business.
The group, which has residential projects in four southern states, is also diversifying into commercial and office properties and into affordable residential property segment as well.
Cybercity group has already signed an agreement with Hyatt for the proposed hotel in Hyderabad, abutting Hyderabad-Mumbai national highway at Kukatpally, and hopes to complete formalities for a similar agreement for the Bengaluru project shortly.
Both the business hotel projects will be built using internal resources and debt, and may consider divesting partial stakes in the hotel assets company once they kick off operations.