Following the footstep of global hotel giants such as Four Seasons and Ritz Carlton, the Oberoi Group, India's leading chain of premium luxury business hotels, has decided to leverage his 78-year-old iconic hotel brand to enter other segments of the luxury business, including branded condominiums and premium foods.
"We will build the first Oberoi-branded residences in Bangalore and is considering launching Oberoi-branded food in the premium segment," Oberoi group chairman PRS Oberoi said.
While talking to the media, he said that in the current market scenario where land is too expensive, it is very difficult to build a hotel by yourself in any city and maintain it. You have to make it multi-useable in the form of hotel, service apartments, residences (condominiums), which recover most of the cost.
"We are planning one in Hebbal in Bangalore. We have a nice piece of land, overlooking a lake. We will build Oberoi residences and sell them on our own," Oberoi said.
If this happens, this would be the first time that an Indian business house would extend its family brand in the luxury space beyond its core business.
Earlier, country's leading business houses, Tatas and Godrej, have extended their business into the real estate space, but confined themselves to the affordable and the premium categories.