Calcutta: Ambuja Neotia Group has acquired a Gurgaon-based boutique hospitality chain, expanding its presence in some of the top leisure destinations of Rajasthan, Himachal Pradesh and Uttarakhand.
The Tree of Life Resorts & Hotels is going to bring in 14 properties spread over five states under the Ambuja fold, adding 190 keys and a significant opportunity to expand in those markets in the future.
These properties will supplement the luxury portfolio of properties Ambuja has built in the east. It owns 750-keys in this region and 200 more are under construction. While the Neotia family-owned properties are mostly managed by Indian Hotels Company Ltd under the Taj brand, the hotels under the newly acquired chain will be managed by the Ambuja Neotia Group itself.
“I believe India has woken up to boutique hospitality. There is a greater acceptability of such properties now than in the past.
"People are looking for privacy, exclusivity, personalised experiences in these hotels, and in that space, Tree of Life Resorts have made a mark,” Harshavardhan Neotia, chairman of Ambuja Neotia Group, said.
Out of the 14 properties, Tree of Life itself owns three, having 50 rooms.
It has taken some of the properties on lease while a few others are under management contract. While the parties did not disclose the transaction value, it is said to be about Rs 100 crore.
Founded by Himmat Anand in 2009, the chain has grown over the years and entered into a number of upmarket destinations: Jaipur, Jodhpur, Udaipur, Corbett, Dharamshala among others. Neotia said one of the key aspects he was drawn to the chain was how the founders have painstakingly built it over the years with passion.
“The brand has created a niche among travellers. Our idea is to nurture it and grow,” Neotia added. Ambuja will have Vinoth Ram as the CEO of Tree of Life.
Himmat Anand, founder of Tree of Life Resorts & Hotels, said: “I could not have found a better person than Harshavardhan Neotia and the Ambuja Neotia Group as the ideal successors to lead the organisation to new heights.”
