The family offices of YES BankBSE -1.23 % founder Rana Kapoor and NRI tycoon Ravi Pillai are vying with global investors such as Blackstone, GIC of Singapore and Tishman Speyer to acquire India's second Four Seasons Hotel and private residences project in Bangalore, where Bollywood actress Deepika Padukone and Infosys founders have bought homes. Wall Street bellwether Goldman Sachs, which owns 73% stake in the lifestyle project, kicked off the bid three weeks ago, which could fetch a distress sale price of about $100 million (or Rs 570 crore). Investment bank MAPE is running the sale process, which has also attracted the interest of developers RMZ Corp, Oberoi Realty and Nitesh Estates, said three separate sources directly aware of the matter. The 1-million sqft mixed use development has an enterprise valuation of about Rs 1,100 crore, of which approximately Rs 200 crore is debt. The bidders would have to bring in roughly Rs 400 crore as construction cost to see the project through completion. At least six bidders are expected to fire bids by June 15, which is the date for filing a binding interest in the project. The potential suitors have signed non-disclosure agreements after joining the bidding process. A Goldman Sachs spokesperson declined to comment on the matter.

Located in the fast developing northern suburb of Hebbal, en route to the Bengaluru International Airport, the lifestyle project named CityView comprises a 230-key Four Seasons hotel, 110 luxury residences that will also be operated by the Canadian hospitality chain, 60,000 sqft of luxury retail space, and 150,000 sqft of office space. Goldman, which invested though real state fund Whitehall, has been looking to sell the project for more than a year. Century Real Estate, along with Westcourt, hold the remaining 27% stake in the project and would be making an exit along with Goldman. In September last year, TOI was the first to report of Goldman's plans to exit this marquee project, which was conceptualized five years ago. The American investment-banking giant with assets under management of close to a trillion dollars has invested Rs 650 crore into the project, including the land cost. The much delayed project has revisited development costs, which have now been scaled down making it viable for new investors. Similarly, the price tag of the Four Seasons residences has been hiked in sync with the recovery in Bangalore real estate. The private residences, which were to appeal to the city's growing buyer appetite for $1 million homes, will compete with more than 1,000 luxury apartments under development, and priced upwards of Rs 3 crore, in the northern suburbs of India's IT capital.