Assotech Realty, a real estate development company, has announced their foray into the hospitality industry with the initiation of its first serviced apartment in Shirdi recently. To be built with an investment of about Rs 100 cr, the 142-room serviced apartment with five-star facilities will be the first in the series of similar projects the real estate developer intends to take up in pilgrim and business destinations across the country. These serviced apartments will be managed and operated by Sandal Suites, a subsidiary company of Assotech Realty.

Assotech Realty

Talking to Hospitality Biz during the foundation laying ceremony of their Shirdi property, Neeraj Gulati, Managing Director, Assotech Realty said that the company is now focused on expanding their offerings in the serviced apartment segment by offering the next level of ‘living experience’ and coming up with a chain of high-end serviced residences targeting pilgrim sector. “Our sites are located at Katra, Jammu and Kashmir, and Tirupati in Chittoor district of Andhra Pradesh,” he said.

The first phase of expansion also includes cities like Bengaluru, Mumbai, Hyderabad, Gurgaon, Noida (under construction), Lucknow and Indore for business segment. Assotech also has plans to set up serviced apartments in leisure destinations like Goa and Kochi at a later stage, Gulati said.

“We entered the hospitality industry with serviced apartments in 2007. When I visited Shirdi first, I instantly fell in love with the place and thought of investing in the pilgrim town. This is our first project out of NCR, Delhi.” Commenting on hospitality investments, Gulati said returns are higher in hospitality industry than commercial investments. “Returns in commercial segment is around eight to nine per cent, while it starts around 12 percent in the hospitality industry. This is the reason we ventured into hospitality segment which is filled with great opportunities and has lots of potential. ”

Commenting on the Shirdi project, Gulati said that Sandal Suites will help the devotees to continuously connect with Shirdi Sai’s divine presence even after the completion of darshan at the Shrine through the in-house Satsang Hall and meditation centres.

All suites at the serviced apartment in Shirdi will comprise of kitchenette, dining area, living room and bedroom. The suides will be full furnishing with all modern amenities. Other facilities includes library with lounge, a swimming pool, state of the art gymnasium. The property will house a pure-vegetarian multi-cuisine restaurant, banqueting and conferencing facility, souvenir shop, concierge and a travel desk. Just walking distance from Shirdi Shrine, the project will also have a small Sai Temple and Satsang Hall along with Pooja area and meditation centres. The property is to be operational by the end of 2016.

Sandal Suites offer a unique opportunity for investors. The fully-furnished suites are available on ‘Operational Return Basis’, which means, the customer buys the suite and Sandal Suites manages the entire facility of the complex and shares the profit. At the same time, the owner enjoys a host of privileges along with free stay and special discounts on services.

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