 "Taj parent expands partnership with Ambuja Neotia Group for 15 new hotels")
Indian Hotels Company (IHCL), the parent firm for Taj Hotels and the hospitality arm of Tata Group, on Monday signed an agreement with Kolkata-based Ambuja Neotia Group for 15 new hotels.
The Ambuja Neotia Group will be investing around ₹2,500 crores for the new projects, Harshvardhan Neotia, chairman at the Ambuja Neotia Group told Business Standard, adding that the move is reflective of the strength and success of their ongoing collaboration.
This will be mainly from debt and internal accruals, and a possible fundraise in the future, he further said.
The new projects will be combination of greenfield, brownfield and conversion projects, and are spread across West Bengal, Sikkim and Himachal Pradesh. They are expected to be completed in the next three to seven years.
This capital light arrangement will grow the partnership between the groups to over 40 hotels. In November, IHCL had acquired a majority stake in the Ambuja Neotia Group’s Rajscape Hotels, which manages the Tree of Life Hotels and Resorts brand.
The two currently operate 24 hotels, including a Taj Ganga Kutir Resort & Spa in Raichak, and a Tree of Life each in Sirmaur, Naldehra, and Shivpuri are expected to be operational within the next one year.
The 15 new properties include a Taj resort in Sunderban, Darjeeling, Shimla and Rabong, SeleQtions hotels in Kolkata and Siliguri and a Tree of Life in Lataguri. Of these, four are currently under construction and will be built in the next three years.
Few select projects will also include Taj branded villas in Darjeeling, Sikkim, Lataguri and Raichak.
"We are present in most of the geographies, but there is an undersupply in the north east. While we continue to remain strong there, we want to grow to a 25-hotel portfolio in the region and will reach 30 hotels by 2030. We are delighted to extend our partnership with the Ambuja Neotia Group, known for their luxury hospitality developments showcasing the spirit of this region” said Puneet Chhatwal, managing director and chief executive officer at IHCL.