Ambuja Neotia Group, based in Kolkata, has successfully acquired Tree of Life Resorts & Hotels, a Gurugram-based hotel ownership and management company. Tree of Life, established by Mr. Himmat Anand, one of the most influential travel professionals in the Indian travel industry in 2009, operates boutique hotels in 14 locations across India, boasting an inventory of around 200 rooms.
The acquisition encompasses the sale of the Tree of Life brand and three of the company’s assets in Varanasi, Jaipur, and Agra. Among these assets, Varanasi and Jaipur consist of hotels, while Agra comprises a land parcel slated for development.
Ambuja Neotia, primarily known for its real estate ventures, also holds interests in healthcare, education, and hospitality. The acquisition will fall under Ambuja Neotia Hotel Ventures Ltd, a subsidiary of Ambuja Neotia Holdings Private Ltd.
The group currently manages around 750 keys or rooms through several hospitality brands within its portfolio. In June, Ambuja Neotia inked an agreement with Indian Hotels Company Ltd (IHCL) to operate the Taj Ganga Kutir Resort & Spa in Raichak, West Bengal, which added 155 rooms to its portfolio. The group has also entered into seven agreements with IHCL to manage its properties.
Since a significant portion of Tree of Life’s assets were operated under management contracts, it is anticipated that IHCL will assume control of these contracts.
Mr. Harshavardhan Neotia, the chairperson of the company, expressed enthusiasm about the acquisition, stating, “This acquisition represents a significant step in our journey to provide exceptional experiences. We are excited to integrate the properties into our portfolio.”
Mr. Himmat Anand, shared his perspective, saying, “I believe it is time for the company to achieve even greater success under new leadership. I could not have found a better person than Neotia and the group as the ideal successors to lead the organization to new heights.”
Mr. Vijay Thacker, Partner and CEO at Horwath HTL Consultants, which advised on the deal, explained, “Anand had created a successful product and brand – he was very keen to sell the business and brand along with its assets to a group that shared that vision towards ‘luxury,’ ‘quality,’ ’boutique.’ Ambuja Neotia did not have a presence in the north of the country. So this was a good fit in that sense.”
Ambuja Neotia has appointed Vinoth Ram as the new CEO to oversee the resort and hotel business. The company has been active in the hospitality sector since 1997 when it commenced operations at The Ffort Raichak. It also developed Ganga Kutir, Sundarawasala, Shyamolima, Shimana, Surabhi, Ganga Awas, and Gardenia II, among other real estate projects in Raichak.
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