Embassy Group to demolish Le Meridien to develop office space of 0.4 million sqft
Property developer Embassy Group will knock down Le Meridien hotel in the central business district of Bengaluru and replace it with an office-space building, according to people familiar with the matter. The 2.5-acre land parcel will have an office space of close to 0.4 million sq ft. The hotel will be razed this year. Construction for the new building will begin next year.
Embassy gained ownership of the hotel when it acquired close to 75% of Mac Charles India, then owner of Le Meridien, for Rs 644 crore three years ago. Since then, speculation was rife the country’s largest office space developer might want to replace the hotel with another hotel, office park or apartments.