Ambuja Neotia is primarily focused on real estate development but also has interests in healthcare, education and other hospitality ventures. The Tree of Life brand will be under Ambuja Neotia Hotel Ventures Limited, a subsidiary of Ambuja Neotia Holdings Private Limited.

Ambuja Neotia said this deal augments its position in the hospitality industry. It said it presently owns about 750 rooms across its portfolio, managed by hospitality brands. In June it signed a new hotel with Indian Hotels Company Limited (IHCL) under the Taj Ganga Kutir Resort & Spa brand in Raichak in West Bengal. In all it has seven agreements with IHCL to manage its properties.

Harshavardhan Neotia, the company’s chairperson, said, “This acquisition represents a significant step in our journey to provide exceptional experiences. We are excited to integrate the properties into our portfolio.”

Himmat Anand, who founded Tree of Life Resorts & Hotels in 2009, said “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 Mr. Harshavardhan Neotia and the Ambuja Neotia Group as the ideal successors to lead the organization to new heights.”

Ambuja Neotia has appointed its CEO Vinoth Ram to head the resorts and hotels business. The company has been in the hospitality business since 1997 when it launched The Fort Raichak.

The company also owns other real estate projects including Shyamolima, Shimana and Surabhi. It said it has also undertaken real estate projects at Raichak, including Ganga Awas, Ganga Kutir Residency and Gardenia II.

A report by hospitality consultancy Hotelivate in FY21 said organised room supply in India grew by 3.3% from 2020. India has about 1.44 lakh branded rooms including 4,093 that were launched last year.

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Updated: 03 Nov 2023, 11:31 AM IST