Phoenix Mills Limited has informed in a filing to BSE that effective September 01, 2015, the management of Pallazzio's hotel has been transitioned to Starwood and the hotel has been rebranded as The St. Regis, Mumbai.
The company had earlier informed in a letter dated May 29, 2015 regarding the transition of the management and operation of the company's wholly owned subsidiary, Pallazzio Hotels & Leisure Limited (Pallazzio)' Hotel at Lower Parel Mumbai to Starwood Hotels & Resorts Private Limited and its affiliates (Starwood).
Phoenix Mills Ltd is poised to carve a niche in the booming Indian real estate sector. The company has been a pioneer in converting mill land into modern, multi-use integrated property. High Street Phoenix was the first consumption center developed in India. The complex has been developed on 1.5 million square feet of space and houses retail and entertainment, commercial and residential complexes.
Meanwhile, shares of the company were trading at Rs 299.85 a piece, down 2.80 per cent from the previous close at 11:05 hours on BSE.