New Delhi, January 11 Oberoi Realty announced on Wednesday that its joint venture firm, I-Ven Realty Ltd, has partnered with Switzerland-based Aman Group to manage a hotel and branded residences project in Mumbai.
Oberoi Realty Ltd holds a 39.13% stake in the JV firm, I-Ven Realty Ltd. Another 39.13% ownership interest in the JV is held by Vikas Oberoi (the promoter of Oberoi Realty), while the remaining 21.74% ownership interest is held by Alpha Wave Ventures II, LP, according to a regulatory filing.
The JV or special purpose vehicle holds leasehold rights on approximately 4 acres of land located on Dr Annie Besant Road, Worli, Mumbai.
The SPV plans to construct a hotel consisting of approximately 80 guest rooms, food and beverage outlets, and other related facilities and amenities. It also plans to develop approximately 150,000-200,000 sq ft of residential real estate for sale, along with related facilities and amenities.
Oberoi Realty stated that the SPV has signed a hotel management agreement – a residence branding and marketing agreement – and other related agreements with AMAN GROUP SARL, Switzerland.
Aman will manage and operate the hotel under the 'Aman' brand.
The hotel, which is expected to be operational in 2032, will be managed and operated by Aman for an initial term of 25 years, with an automatic extension for an additional 10 years unless otherwise chosen by Aman.
The residences will be developed, marketed, and sold using the licensed Aman trademarks, and will be managed and operated under the 'Aman' brand.
Oberoi Realty is one of the leading real estate developers in the country.
Recently, the company acquired a land parcel in Mumbai for ₹5,400 crore through an auction process.
