BridgeStreet has intensified its India presence with major expansion plan.
The company which provides residences, serviced apartments and suites has entered into a 20 year tri-party agreement with JNB Group, LLC (JNB), a privately owned real estate investment and development consortium renowned for franchising and management, and Homestead, a real estate development company specializing in boutique branded residences. BridgeStreet’s latest venture further expands to encompassing property and facilities management for two new luxury residences by Homestead – Michael Schumacher World Tower and Ballet by Sharapova. The agreement also entails a comprehensive long-term commitment to exclusively collaborate on future Homestead serviced apartment developments throughout the world.
“As India globalizes and its economy expands, a number of business and tourism opportunities emerge, prompting long-term demand for upscale residential developments, associated property management expertise and serviced apartment offerings. BridgeStreet looks forward to meeting the growing demands of residential buyers and incoming business and leisure travelers with JNB and Homestead, reputable investment and development companies with a successful track record in the region. Our newest brand extension ‘Exclusive by BridgeStreet’ is the perfect fit for these two stellar properties,” says Sean Worker, chief executive officer of BridgeStreet.
Exclusive by BridgeStreet is the brand’s recently introduced line of luxury, signature residences. Located in key international locations, these developments will feature celebrity-designed and endorsed lifestyle experiences with exquisite six-star quality furnishings, fittings and finishes.
BridgeStreet JNB Management, a to-be-formed India Private Limited entity, will oversee all management aspects and maintenance services for the Michael Schumacher World Tower in Gurgaon in the vicinity of IGI airport and Delhi, and Ballet by Sharapova, located in Sector 73 of Gurgaon. The properties are inspired by Formula 1 driver Michael Schumacher and tennis player Maria Sharapova.
“We’re thrilled to continue expansion of our existing relationship, as both BridgeStreet and JNB Group are global leaders in their respective sectors. With more than 50,000 apartments spanning 60 countries, BridgeStreet boasts vast expertise in the hospitality, property management and serviced apartment industries and when coupled with JNB’s vision to identify and execute lucrative opportunities in existing and emerging markets, it yields a mutually beneficial relationship,” stated TJ Barring, president of JNB Group.
“The extended relationship with BridgeStreet and JNB is a gateway to the future, especially as India continues its pattern of steady growth in the hospitality sector. With the help of BridgeStreet’s international expertise and JNB’s proven operational background, we envision a future where people will live, work and play in spaces that ultimately enhance their quality of life at both Michael Schumacher World Tower and Ballet by Sharapova,” said Manoj Shrivastava, Chief Operating Officer of Homestead.