Mumbai-based property developer Phoenix Mills looks to build more hotels to strengthen its hospitality portfolio.

The company is building a 400-key premium hotel at mixed-use project Marketcity in Bengaluru, and forged a tie-up with Hyatt International to manage the hotel under the Grand Hyatt brand.

The hotel is expected to get completed by FY28, and the company is expected to spend Rs 600 crore capex on it.

The company has recently bought a 11-acre land parcel in Thane near Mumbai and while the development mix is not finalised yet, the project is likely to have another premium hotel with 600 keys.

The estimated cost of the project is nearly Rs 800 crore. The company currently runs a St Regis property in Lower Parel area of Mumbai and Courtyard by Marriott in Agra.

Post completion, by FY28 (in phases), Phoenix’s office portfolio is expected to rise about four-fold to seven million sq. ft., creating a revenue potential of Rs 1,000 crore by FY28, as against Rs 170 crore expected in FY24.

For Q4FY24, the company reported a 27 percent year-on-year growth in total consumption at Rs 2,818 crore. Moreover, gross retail collections stood at Rs 791 crore in Q4/FY24, a 37 percent growth over Q4/FY23.