Bangalore, January 16, 2007: New York based Citigroup Property Investors, today announced its partnership with Nitesh Estates, one of Bangalore’s leading real estate developers, to develop a USD 100 million, 250 room luxury hotel on Residency Road in Bangalore.
Commenting on this association, Mr. Nitesh Shetty, Managing Director, Nitesh Estates said, “At Nitesh Estates, we are committed to making a qualitative impact on the real estate sector in the country. This investment from Citigroup Property Investors will help us transform the hospitality sector in Bangalore. We are happy that Citigroup Property Investors will partner us in this venture.”
Mr. David Schaefer, Managing Director, Head of Asia Pacific, Citigroup Property Investors said, “We believe the real estate sector in Bangalore has tremendous growth potential. Nitesh Estates is one of the fastest growing integrated real estate property developers in India, with reputation of quality standards and delivery mechanisms in a very professional outfit. We are confident that our partnership with Nitesh Estates will play a positive role in the growth of real estate industry and raise the standards in the real estate sector in India to be benchmarked with the best in the world.”
The new luxury hotel project will be located on Residency Road in the heart of Bangalore’s Central Business District. Designed by leading global architects, this hotel will offer world-class amenities. The hotel will be operational in 30 months. Ernst & Young were the investment advisers to this deal.

About Citigroup Property Investors

Citigroup Property Investors is the real estate investment management business of Citigroup, the leading global financial services company. Citigroup Property Investors offers private market real estate investment strategies designed to produce superior absolute and risk-adjusted returns in North America, Europe and Asia, along with liquid public market domestic and global real estate securities investment strategies.

About Nitesh Estates

A leading integrated property development company headquartered in Bangalore, Nitesh Estates is engaged in the development of high end Residential Apartments, Office buildings, Hotels, Gated Townships, and Retail Space. Nitesh Estates recently bagged a Rs. 100 crore built-to-suit residential complex for ITC Limited. Now, Nitesh Estates is partnering with New York based Citigroup Property Investors for a USD 100 million, 250-room luxury hotel project.