India-based Adlabs Imagica, the flagship venture of Adlabs Entertainment (AEL), has outlined plans to open a new hotel this year.
The 287-room four-star hotel, which is already in advanced stages of construction, will be situated adjacent to the Imagica theme park located on the Mumbai-Pune expressway, and is slated to open by the end of this year, the Business Standard publication has reported.
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The company is also planning to open a water park, Aquamagica, on the site.
Adlabs Entertainment whole-time director and CEO Kapil Bagla said: "We are hoping to open Aquamagica in August and the hotel is expected to be operational by the end of this year."
Adlabs Entertainment has earmarked a INR16.5bn ($274.6m) investment for the theme park, water park and hotel.
"Of this, about 80%-85% has already been spent on developing the project. This fund was raised by debt through a consortium of 13 banks led by Union Bank," Bagla added.
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By GlobalDataFurthermore, the company is looking to develop similar projects at other locations such as Hyderabad; however, nothing has been finalised as of yet.
