NEW DELHI-Blue Coast Hotels has hired New York City-based Carlton Group to help raise money to build the 450-room new MGM Grand Hotel here. The property will not include a casino.
This will be MGM’s first property in India, and is part of the firm’s global expansion. The asset will be part of the hotel district in the Delhi-Indira Gandhi International airport redevelopment, which is close to the wealthy residential district of South Delhi and near the IT and commercial hub of Gurgaon.
The hotel will also include 19,000 meeting rooms, a 1,000 seat conference area and 30 serviced apartments. Blue Coast, the locally based owner and managing member, expects to bring in $37 million in net operating income per year at first, and $40 million per year within three years. The firm has already invested $60 million into the project.
Carlton is also expanding globally, and recently launched a new equity exchange Web site to provide investors with access to capital as well as a central marketplace to review distressed loans. The Carlton Exchange already has more than $2 billion of listings and the chairman, Howard Michaels, is projecting more than $10 billion of transaction flow in the next few months.
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