Going back in time, what made you step into the hospitality industry?
Atul Chordia (AC): I began my journey as a real estate broker in Pune city, after which I got the opportunity to work in project management for certain other industries. In 2002, I built residential projects and then in 2004, with Foreign Direct Investment (FDI) opening up the Indian market, I was able to garner large investments for my company from IREO, Merrill Lynch and Morgan Stanley. My vision was to create an impactful change in the real estate segment in Pune by leveraging the huge capital base.
We began building customised commercial spaces and leased them out, instead of selling them, to tap into the commercial revenue stream. Our work created a buzz in the market and we completed the IBM building, which was a 5-lakhsq.ft. large project, in under 180 days. We realised that businesses were flourishing in Pune and there was a growing demand for premium hospitality, with only Meridian, Holiday Inn and Blue Diamond available as viable options. We seized the opportunity and infused a new standard of luxury hospitality in the city. The strategy was to add a number of rooms in geographies where there was a strong business presence, leading to a heightened demand. We started construction on all the hotels simultaneously and sequentially launched them, one after the other. In 2004, we were designing hotels with global brands such as Marriott, and in 2007 we opened the first hotel Courtyard Marriott.
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