Article from ET Realty
Mumbai|Bengaluru: Dubai-based Ramee Group, which owns a chain of hotels in west Asia and India, has put its mall property in Chennai on the block. The 2-lakh-sq-ft mall, located in Anna Salai at Teynampet, was opened three years ago.
The mall occupies the first three floors of the property while the remaining 15 floors house the 325-room five-star hotel Hyatt Regency. “We are not experts in malls as our core business is hospitality. People are bringing us offers and if we get the right price, we will exit,” Raj Shetty, chairman and managing worker of Ramee Group, told ET during his recent visit to the country for launching the group’s Japanese premium dining restaurant and lounge Ruka in Juhu, Mumbai.
Shetty said the company is expecting to get 225 crore through the sale of its mall that has space for around 45 retail outlets – many of which are vacant. Retailer Shoppers Stop, which was the anchor tenant of the mall, shut its store early this year. Shetty said the company will exit its investment only if it gets the desired value and is in no hurry to sell the mall.
“The mall is located in the prime location and if we don’t get the right price, then we will convert it into a four-star hotel,” he said.