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Ventive Hospitality and Marriott International have signed management contracts for seven new hotels, comprising 1,548 rooms, across India and Sri Lanka. These hotels are expected to open in 4-5 years. The partnership marks brand debuts in locations like Sri Lanka, Varanasi, Pune, Navi Mumbai, and Mundra. This initiative will double Ventive's portfolio to over 4,000 keys, with initial capex of INR 700-750 crore for three properties. It supports Ventive's expansion in Central India and Marriott's growth strategy in a key global market.
Ventive Hospitality and Marriott International recently signed management contracts for multiple new hotels. This agreement involves 1,548 rooms across various locations in India and Sri Lanka. These properties are expected to open in 4-5 years, as part of a strategy to expand their presence in the hospitality sector by adding a significant number of rooms to their combined portfolio. Advertisement
The partnership marks brand debuts in various locations, including Sri Lanka, Varanasi, Uttar Pradesh; Pune, Maharashtra; Navi Mumbai, Maharashtra; and Mundra, Gujarat. Ventive Hospitality also announced plans to develop a hotel on its existing leasehold land in Mundra. This collaboration will double Ventive Hospitality's portfolio to over 4,000 keys in 4-5 years, up from its current 11 hotels (8 in India and 3 in Maldives) with 2,000 keys.
Atul Chordia, Chairman and Executive Director, Ventive Hospitality, stated that the company is starting fiscal year 2025-26 on a strong note, being its first financial year post-listing. He added that by leveraging Marriott's global expertise and their deep real estate knowledge, they aim to expand their footprint beyond Pune, Bengaluru, and the Maldives.
Milind Wadekar, Executive Vice President, Finance and Investor Relations, Ventive Hospitality, stated that three of these properties involve a capital expenditure (capex) of around INR 700-750 crore, which will be on Ventive's balance sheet. The other four hotels are being built by group companies and will be taken over under suitable structures, such as long-term lease, outright purchase, or share formation.
Rajeev Menon, President, Asia Pacific (excluding China), Marriott International, stated that India is strategically one of the important markets globally. He added that in the next two to three years, Marriott India is projected to become the third largest country for Marriott out of their 144 countries.
Source: PTI
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