IHCL, Ambuja Neotia Group ink pact for 15 new hotels, focus on east, northeast region
IHCL
) and
Ambuja Neotia Group
on Monday announced an agreement for 15 new hotels, mostly in the east and northeast India, with the latter to invest up to Rs 2,000 crore.
The 15 new sites identified to be developed are a combination of greenfield, brownfield and conversion projects and spread across
West Bengal
,
Sikkim
and
Himachal Pradesh
.
These include a Taj resort in Sunderban, Darjeeling, Shimla and Rabong, SeleQtions hotels in Kolkata and Siliguri and a Tree of Life in Lataguri. A few select projects will also include Taj-branded villas in Darjeeling, Sikkim, Lataguri and Raichak.
"Under this capital light arrangement, the total number of hotels (through the partnership with the Ambuja Neotia Group) will go from 28 to 43. What we estimate is 1,000-plus rooms will be added (by the new hotels) to an existing 1,500 rooms," IHCL Managing Director and CEO Puneet Chhatwal told PTI.
IHCL has been a pioneer in building destinations like Rajasthan, Kerala, Goa and Andaman and Lakshadweep Islands, and it will now extend it to unlocking the tourism potential of the east and northeast with this agreement, he added.
"It is also in line with India's ambition of developing the northeast," Chhatwal noted.
With the expansion of the existing partnership, Chhatwal said Ambuja Neotia Group will become IHCL's "largest partners in all references -- rooms, hotels, revenue for us on that capital light arrangement".
Ambuja Neotia Group is known for their luxury hospitality developments, showcasing the spirit of this region, he added.
When asked about the investments, Ambuja Neotia Group Chairman Harshavardhan Neotia said, "I would think the investment would be in the region of around Rs 1,500 crore to Rs 2,000 crore".
On the timeline for the new hotels to come up, Neotia said, "Realistically speaking, between five to six years is what we are hoping that most of this will get realised, unless something gets stuck because of some regulatory reasons".
He further said, "All the lands on which we have signed properties are with us. Many of them are in various stages of regulatory approval. In a few cases, we are yet to start that process".
Chhatwal said, "At least half of them would be less than five years".
Neotia said the announcement follows closely on the heels of IHCL's strategic partnership with the Ambuja Neotia Group for Tree of Life, reflective of the strength and success of their ongoing collaboration.
He further said, "Northeast, the unexplored region of India, has tremendous potential for bespoke luxury travel. The addition of premium room inventory this fiscal to Taj Chia Kutir in Kurseong as well as the upcoming Taj-branded luxury villas in Darjeeling, Lataguri and Gangtok reflects the growing demand from the segment".
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