Chennai's iconic Crowne Plaza to close down

CHENNAI: The 287-room Crown Plaza, a landmark five-star hotel on Chamiers Road, will make way for twin towers of uber-luxury apartments by the Baashyaam group.
"It is with mixed emotions that we announce the closure of our doors to guest arrivals, effective December 20, 2023. This significant update comes from the owning company's decision to initiate a comprehensive rebuilding phase of development in the coming years," the 38-year-old hotel informed its guests and members.
Originally promoted as Adyar Gate Hotel by industrialist T T Vasu, it was later bought by the Goyals who were garment exporters.It became popular as Park Sheraton Hotels & Towers, managed by the ITC. After the ITC built its Grand Chola, this property was renamed Crowne Plaza Chennai Adyar Park.
Two years ago, Ceebros, another leading developer was to acquire and develop it into a luxury residential property. But the deal fell through.
Baashyaam Constructions' group then negotiated a part-cash, part-development deal for the one-and-a-half acre property. The deal is estimated to be valued at 10 crore to 12 crore per ground (one ground = 2,400 sqft). Baashyaam promoters were not available for comment. Calls to a member of the Goyal family went unanswered.
'Apartments could be priced about Rs 30k per sqft'
"Baashyaam group is planning residential twin towers with around 130 apartments, each 5,000 to 7,000 sqft in size. The apartments could be priced at about 30,000 per sqft or 15 crore to 21 crore" multiple sources told TOI.
"Baashyaam is awaiting the state government nod for premium FSI (seven FSI in place of 2.5 FSI presently allowed). They even have a plan to push the price tag to a high all-inclusive 50,000 per sqft," another source said.
Meanwhile, rooms at Crowne Plaza were reportedly going at 10,000 to 12,000 per night.