Global financial services giant Merrill Lynch has acquired 50% stake in the Salarpuria Group’s Rs 150 crore five-star hotel project in Bangalore.

The company has picked stake in the special purpose vehicle (SPV) floated to build a five-star hotel in Bangalore. The proposed hotel, which will have 250 rooms, is to come up on 300,000 sq. ft. on the Outer Ring Road (ORR) between Sarjapur and Marathalli, opposite Cisco corporate office.

Apart from this project, Salarpuria group plans to build two malls in Bangalore. The group will build 700,000 sq. ft. mall on the Old Madras Road for an investment of Rs 350 crore and the other at Yeshwanthpur Circle for an investment of Rs 250 crore on 400,000 sq. ft.

Real estate developer Salarpuria Group plans to invest about Rs 3,000 crore in 12-14 projects across the country. The group has lined up 13 million sq. ft. of developments across commercial, retail and hotel sectors across six cities in India and has so far executed 8 million square feet in Bangalore alone.

The group would generate the funds through internal accruals.

Yesterday, the group has launched a 1,672-apartment residential project – Greenage, spread over 21 acres on Hosur Road, Bangalore. The company plans an investment cost of Rs 1,000-crore on the project which is expected to be completed in 30 months.