MUMBAI: Indian Hotels Company (IHCL) on Tuesday announced the acquisition of a majority stake in the Ambuja Neotia Group‘s Rajscape Hotels (RHPL), which manages a portfolio of 19 resorts and hotels under the Tree of Life Resorts and Hotels brand. IHCL in an exchange filing stated that its board has approved the execution of an agreement to acquire about 55 per cent equity shares “for an amount not exceeding Rs 18 crore in Rajscape Hotels Private Limited”.
The acquisition of majority shareholding is aimed at strengthening IHCL’s presence in the experiential leisure segment.
“Currently, we are in partnership with Ambuja Neotia Group for seven hotels and resorts featuring properties such as the Taj Chia Kutir and Taj Guras Kutir in Darjeeling and Gangtok,” IHCL Managing Director and Chief Executive Officer Puneet Chhatwal said in a statement.
“The Tree of Life brand, with its unique value proposition, complements IHCL’s brandscape. Recognising the growing demand for experiential leisure, IHCL is excited to onboard the Tree of Life brand and scale it to 100 properties by 2030,” an IHCL spokesperson told PTI.
“This addition will introduce bespoke, experiential, and boutique properties located in drive-to destinations across India,” the spokesperson said.
The Kolkata-headquartered Ambuja Neotia is a real estate company, which forayed recently into hospitality, healthcare, and education.
Tree of Life Resorts has properties in over 15 destinations including off-beat locations like Dared, Dehradun, Varanasi, Binsar, Kumaon, and Udaipurwati.
“With a proven track record of successfully scaling brands across various formats, we are confident of growing the Tree of Life portfolio with their expertise in developing and operating boutique leisure offerings,” Ambuja Neotia Group Chairman Harshavardhan Neotia said.
