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 Four Seasons Hotels will probably arrive much late in Mumbai. Going by all indications, it will not be opened here by mid-2007 as expected; the launch of the $70 million (project cost in 2003) project is likely to get further delayed and may happen only in early 2008. Four Seasons Hotels and Resorts, the Canadian luxury hotel group, announced its entry into India as early as October 2003 by signing an agreement with Shiv Jatia and Raj Kumar Jatia, co-owners of Magus Estates and Hotels Pvt Ltd (MEHPL), to manage its greenfield project at Dr E Moses Road at Worli in Mumbai. According to reliable industry sources, Jatias are facing some financial problems and as a result funding the construction work has been put on the slow track. “The owners seem to have successfully convinced the international luxury hotel chain that necessary funds are being arranged things will be back to normal very soon,” the sources said. However, officials of the Four Seasons Hotel, when contacted by DNA Money, admitted the delay in construction work but denied any financial problems. “There is no problem with the finances. Such construction delays are common to any project. In fact, we are very much on schedule and will launch late summer this year,” said a Four Seasons Hotel official. In fact, the same project was earlier being considered for the entry of Hyatt International’s luxury boutique brand Park Hyatt in India. However, the Jatias later decided to swing the deal in favour of Four Seasons. With interests in the energy sector as well as the hotel industry, the Jatias have an interest in a number of existing hotels in Mumbai, Kolkata and Delhi that are under management agreement with global hotel chain Hyatt International. What is interesting about this delayed launch is that this is not the first time the hotel has found itself in such a situation. source: DNA Money | Daily Extras! Eclat Me | Success Tip of the Day| 1DailyDiversion| Eclat Web - Must Visit Websites! A Beautiful Pic Every Day! Word of the Day| Quotation of the Day| Make Money! Immigration News! Desire- WOW Stuff! Stock Mkt Updates |
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