Two Indian hotel chains, Taj and Vivanta, will debut in Bangladesh thanks to Borak Real Estate Ltd (BREL), a subsidiary of the local business entity Unique Group.
Along with renowned Indian hospitality organization Indian properties organization Limited (IHCL), Borak will also manage the properties.
According to Hamayet Hossain Rasel, general manager for project management at BREL, IHCL will only be the partner for the operation of the hotels and won’t make a direct investment in the projects.
According to Rasel, the BREL will need to invest around Tk 2,000 crore to complete these hotels, including the cost of the land, and will add about 2,000 direct jobs.
After the internal décor is finished, which will take another 36 months, the two hotels will be open to the public, according to Rasel.
A hotel management agreement for 30 years was signed at the Sheraton Dhaka on April 17 by Md Noor Ali, managing director of BREL, Rajendra Mishra, executive vice president and general counsel of BREL, and Suma Venkatesh, executive vice president for real estate and development of IHCL.
Salina Ali, head of BREL, and Rohan Ranade, assistant vice president for real estate and development of the IHCL, were also present.
The Westin Dhaka, Sheraton Dhaka, and the 4-star rated boutique hotel HANSA are currently operated by Unique Hotel and Resorts PLC, a top hotel and hospitality management firm in Bangladesh.
According to Rasel, a Taj Club would house 60 signature brand shops, celebrity shops, and restaurants inside the Taj hotel where both domestic and foreign customers can purchase internationally branded goods.
“We are delighted to debut in Dhaka, adding an important international destination to our portfolio. Bangladesh, one of the fastest growing economies in the world, is also the second largest economy in South Asia,” said Puneet Chhatwal, CEO of IHCL.
According to him, Bangladesh’s close proximity, cultural similarity, and large IHCL presence make it a strategic alliance.
The signing ceremony was also attended by Mahbub Ali, the state minister for civil aviation and tourism, M Mafidur Rahman, the head of the Bangladesh Civil Aviation Authority, Abdul Matlub Ahmad, the chairman of the Nitol Niloy Group, and Shubham Yadav, the second secretary of the Indian High Commission in Dhaka.