**Bengaluru’s Schloss Bangalore to Develop Major Mixed-Use Project in BKC**
Schloss Bangalore, backed by Brookfield, is set to embark on an ambitious mixed-use development in Mumbai’s prestigious Bandra-Kurla Complex (BKC). This project will feature a luxurious 250-room ‘Leela’ palace hotel, a 700,000 sq ft office tower, and the Arq Club. The Mumbai Metropolitan Region Development Authority (MMRDA) has allocated a 2.1-acre plot in BKC to a consortium led by Schloss Bangalore for a lease premium of ₹1,302 crore, as disclosed in a recent regulatory filing.
The prime land parcel, located in BKC’s G block, allows for a total built-up area exceeding 362,000 sq ft. The lease agreement stipulates that 25% of the premium must be paid within two months of the allotment offer, with the remaining 75% due within the following ten months. The consortium, which includes Arliga Ecospace Business Park and Schloss Chanakya, submitted its bid for the land in February. Schloss Bangalore and its subsidiary, Schloss Chanakya, will each hold a 50% stake in the consortium, while Arliga Ecospace Business Park will manage the other half.
The regulatory filing noted that possession of the plot will be granted upon full payment of the lease premium. Schloss Bangalore, known for its ‘The Leela’ hotel brand, has plans to expand its portfolio significantly. Over the next three years, the company aims to open seven new luxury hotels in key locations such as Ayodhya, Ranthambore, Gangtok, Srinagar, Bandhavgarh, Agra, and Mumbai, increasing its total from 13 to 20 hotels. This expansion will add 678 keys to its existing inventory of 3,353 keys, with five of the new hotels being owned and two managed or franchised.
Anuraag Bhatnagar, CEO of The Leela, emphasized the focus on luxury, noting that while demand is high, the supply of luxury hotels remains limited. In a significant move in 2019, Hotel Leelaventure Ltd sold its properties to Brookfield Asset Management for ₹3,950 crore, a deal that marked a new chapter for the hotel chain founded by C.P. Krishnan Nair in 1986.
**FAQ**
*What is the significance of Schloss Bangalore’s new project in BKC?*
The project represents a major investment in Mumbai’s luxury hospitality and commercial sectors, addressing the growing demand for high-end accommodations and office spaces in a prime business district.
