Radisson Blu will foray into Jammu & Kashmir with two properties set to open in 2016. The properties are coming up in Srinagar and Tangmarg which is en route to Gulmarg. The properties are being developed by the local MTC group who own the renowned Grand Mumtaz and Mumtaz Towers in Srinagar. The group has signed the management agreement with Radisson Blu to manage both properties. Apart from Srinagar, MTC group has hotels in Tehri, Katra, Gulmarg, Pahalgam and Sonmarg.
Speaking exclusively to Financial Express Online, Mustaq Chaya, chairman, MTC group said, “The total cost of both projects is INR 300 crore (INR 150 crore each). While the Tangmarg property will have 150 rooms, the Srinagar Radisson Blu will have 153 rooms. This property which was originally a royal palace will also have 10 Heritage Suites which will open first in 2015.”
This could well be the beginning of more hotel brands making a beeline to the Valley and a sign that it is being considered as a safe investment destination.