GIFT City plans maiden ultra-luxury hotel in domestic tariff area, invites bids
GIFTCL) has invited bids to build the first ultra-luxury hotel in the domestic tariff area of GIFT City with at least 300 keys and development rights for at least 500,000 sq. ft.
The development tracks the Gujarat government’s recent decision to exempt GIFT City from a 63-year-old liquor prohibition law in the state to attract foreign companies to invest in the city.
GIFT City currently has a hotel and a club designated in the five-star segment. However, the proposed development will be the first to cater to the ultra-luxury segment.
Apart from meeting technical and financial qualifications for the project, a potential bidder is expected to have an alliance with one of the global luxury hospitality brands such as Ritz Carlton, JW Marriott, St. Regis, Grand Hyatt, and Kempinski, according to the request for proposal.
The bidder would also be expected to have completed commercial, residential, institutional, or mixed-use buildings with at least one single project of at least 200,000 sq. ft and multiple projects with cumulative built-up area of 600,000 sq. ft built-up area as per occupancy certificate, building use permission, or completion certificate.
The period for satisfying this minimum technical experience has been set as the previous six years prior to the bid due date. The base price for allotting development rights has been finalised at Rs 1,600 per sq ft for the proposed 500,000 sq ft. The bids are expected to be submitted online by February 20 and physically by February 21.
The bidder is also required
