Oberoi Hotels Sets Sights on London with New Subsidiary and Hotel by 2028
Oberoi Hotels to expand its presence in the UK with a new hotel and subsidiary, while also investing in a Pune-based company for a mixed-use project.
Oberoi HotelsLondonUkHospitalityIndian Hospitality IndustryReal Estate PuneSep 20, 2024
This move marks a significant milestone for Indian hospitality brands in London, where the Taj Group currently operates two hotels. India-based Hinduja Group has also ventured into London's luxury hotel market by transforming Winston Churchill's former Old War Office.
In another development, Oberoi Hotels group will acquire a stake in a Pune-based company for Rs 254 crore. The investment will support the development of a mixed-use project, which includes a Trident Hotel and a commercial complex, with a total project cost of Rs 972 crore.
EIH Ltd, the flagship company of the Oberoi group, will acquire a 51 percent equity stake in Pune-based Muttha Towers II Pvt Ltd, a hospitality and commercial real estate firm, which had total assets worth Rs 175 crore as of March end.
The proposed Trident Hotel will be spread over 1.81 lakh square feet, while the proposed commercial complex will have office spaces and food and beverage focused retail outlets spread over 4.08 lakh square feet. The commercial operations of the development are expected to commence in Q1 of FY 2029-30.
Oberoi's UK entry is also significant in light of Reliance Industries' (RIL) joint venture with Oberoi to manage three properties, including one in the UK, announced last August. RIL holds an 18 percent stake in EIH.
About EIH Ltd EIH Ltd is the flagship company of the Oberoi group, a leading hospitality chain with a presence in India and abroad. The Indian hospitality industry has been expanding its presence globally, with several Indian companies investing in international markets.
Frequently Asked Questions
When is Oberoi Hotels planning to open its new hotel in London?
Oberoi Hotels plans to open its new hotel in London by March 2028.
What is the total project cost of the mixed-use project in Pune?
The total project cost of the mixed-use project in Pune is Rs 972 crore.
What is the stake of EIH Ltd in the Pune-based company?
EIH Ltd will acquire a 51 percent equity stake in the Pune-based company.
What is the expected commencement date of commercial operations of the development in Pune?
The commercial operations of the development are expected to commence in Q1 of FY 2029-30.
Who holds an 18 percent stake in EIH Ltd?
Reliance Industries (RIL) holds an 18 percent stake in EIH Ltd.
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