Carlton Group hired as adviser for MGM hotel project in India
The Carlton Group of New York has been retained as exclusive equity and debt capital adviser for development of the MGM Grand hotel in New Delhi.
Carlton is the exclusive capital adviser to Blue Coast Hotels, a publicly traded company on the Bombay Stock Exchange, with the intent of raising equity and debt for MGM's first property in India, part of the company's global expansion.
The hotel is close to wealthy areas of South Delhi and within a five-minute drive of Delhi-Indira Gandhi International Airport, the second-busiest airport in India with 30 million passengers a year.
The New Delhi MGM Grand will cover more than 1 million square feet with 450 luxury rooms, including skylofts on the top floor, and 30 serviced apartments. The property will have nine food and beverage outlets, a multipurpose theater, a hanging bridge with a bar and restaurant, a high-tech ultralounge and MGM Wet Republic.
Based on reasonable economic assumptions, the property is projected to produce $40 million net operating income within three years of being operational, Carlton Group partner Michael Campbell said in a statement.
