Oberoi Realty and Aman Group Join Forces for Luxury Hotel and Residences in Mumbai
New Delhi, Jan 11 (PTI) Oberoi Realty has announced a significant partnership with Switzerland-based Aman Group to manage a luxury hotel and branded residences project in Mumbai. This joint venture, through I-Ven Realty Ltd, aims to bring world-class hospitality and residential offerings to the bustling city.
Oberoi Realty Ltd holds a 39.13% stake in the joint venture firm I-Ven Realty Ltd, with another 39.13% ownership interest held by Vikas Oberoi, the promoter of Oberoi Realty. The remaining 21.74% is owned by Alpha Wave Ventures II, LP, according to a regulatory filing.
The joint venture has secured a 4-acre land parcel located at Dr Annie Besant Road in Worli, Mumbai. This prime location will be the site of a luxurious hotel and residential complex. The hotel will feature approximately 80 guest rooms, along with food and beverage outlets and other amenities. The residential component will include about 150,000 to 200,000 square feet of carpet area, complete with various facilities and amenities.
I-Ven Realty Ltd has signed a hotel management agreement, a residence branding and marketing agreement, and other related agreements with AMAN GROUP SARL, Switzerland. Under this agreement, Aman will manage and operate the hotel under the prestigious 'Aman' brand. The hotel is scheduled to open by 2032 and will be managed by Aman for an initial term of 25 years, with the option for an automatic 10-year extension unless Aman chooses otherwise.
The residences will be developed, marketed, and sold using the licensed Aman marks, ensuring a premium brand experience. These residences will also be managed and operated under the 'Aman' brand, providing residents with the highest standards of luxury and service.
Oberoi Realty is a leading real estate developer in India, known for its commitment to quality and innovation. The company has recently acquired a land parcel in Mumbai for Rs 5,400 crore through an auction process, further solidifying its presence in the city's real estate market.
This collaboration with Aman Group represents a significant step in Oberoi Realty's strategy to expand its portfolio of luxury properties. The project is expected to set new benchmarks for luxury living and hospitality in Mumbai, attracting both local and international buyers and visitors.
The partnership between Oberoi Realty and Aman Group is a testament to the growing demand for premium real estate and hospitality offerings in India. With the hotel and residences project set to open by 2032, the city of Mumbai is poised to welcome a new landmark in luxury and sophistication.
