Blackstone-backed Ventive Hospitality is investing in the development of a portfolio of luxury hotels in Sri Lanka and India, which will then be managed by global hotel operator Marriott International.
Ventive will develop three of the properties costing INR700-750 crore (β¬70-β¬83m). Additionally, four more hotels will be developed by associated companies on βright of first offer or alternative structure basisβ for Ventive.
Ventive has signed a management agreement with Marriott to run the portfolio comprising 1,548-keys across five brands. The properties are expected to be completed and begin trading in 2030.
Atul Chordia, chairman and executive director of Ventive Hospitality, said: βThis signing not only strengthens our two-decade-long relationship with Marriott International but also marks a pivotal moment in our journey to redefine Indiaβs hospitality sector.β
Ranjit Batra, CEO Ventive Hospitality, said the companyβs strategic partnership with Marriott International was a pivotal step towards achieving its aspiration to establish a hotel portfolio that met global hospitality benchmark.
Rajeev Menon, president, Asia Pacific excluding China, Marriott International, said: βOur growth strategy focuses on being present wherever our guests are looking to travel.
βWe are thrilled to work with Panchshil Realty and Ventive Hospitality, as we continue to meet the growing demand for luxury travel experiences and world-class hospitality services.β
In 2017, Blackstone formed a joint venture with Panchshil Realty to develop and own luxury hospitality assets in the Indian sub-continent. Ventive, a premier division of Panchshil Realty, listed on the Bombay Stock Exchange, raised US$187m (β¬159.4m) last December in its initial public offering.
To read the latest ΒιΆΉΣ³» Real Assets magazine click here.
