PVR Hospitality to invest Rs 225 cr on five star property in Vizag

Visakhapatnam: Visakhapatnam's hospitality sector is booming with PVR Hospitality set to perform the groundbreaking ceremony for its forthcoming five star hotel Hyatt Centric near Sagarnagar at Yendada on March 21.

The project represents a significant investment in the hospitality sector as part of efforts to transform Visakhapatnam as a tourism and business hub. This will also give a shot in the arm to MICE tourism. PVR Hospitality will invest Rs225.30 crore after a brand partnership with Hyatt.

Luxury hotel and resort projects now at various stages of implementation include Oberoi, Mayfair, ITC Hotels, Taj Varun Bay Sands (reconstruction being done at iconic RK Beach), Hilton Garden Inn, Vivanta – Bhogapuram Airport, Radisson Blu at AMTZ and Rushikonda Beach Resorts (G+32).

The State Government has set an aim to increase tourism sector's GVA contribution from current $7 to 8 billion to $30 to $35 billion by FY 32 for which a blueprint has been finalised under the Vizag Bay City project and Visakhapatnam Economic Region Master Plan.

Key members from CREDAI-Vijayawada chapter vice-president Pavan Kumar Bandi, State general secretary Rambabu Dasari and State executive member Vamsi Krishna Tummala are the promoters of the new five star hotel project at Yendada.

Under the tourism policy, the State Government allotted three acres on lease to the promoters for developing the hotel. The property will have 175 to 200 luxury rooms, a 1,000 capacity MICE facility and dedicated hospitality management institute.

The timeline set for completion of the project is 36 months, Rambabu told Bizz Buzz on Tuesday. He said the project will be a major driver for local employment and skill development.It will create jobs for 230 directly and 1,000 indirectly.

The onsite institute will provide professional training for students willing to enter the hospitality sector. Under the Andhra Pradesh Tourism Policy 2024-29, the land was given on a long lease.

High-value incentives have been offered to the promoters under the policy, which include 100 per cent SGST reimbursement for 10 years and full stamp duty exemption, industrial electricity rates and duty reimbursements for five years. Financial subsidy of Rs10 crore and favourable long-term land lease terms have been given to the project proponent.