Shares of Ventive Hospitality gained over 5% on Tuesday, July 8, after the company said it has entered into an agreement with Marriott International Hotels India Pvt Ltd. and its affiliates to construct seven luxury hotels, comprising a total of 1,548 rooms, in India and Sri Lanka.In India, the partnership marks brand debuts in cities such as Varanasi, Pune, and Navi Mumbai.
Ventive Hospitality also announced its plans to develop a hotel on its existing leasehold land in Mundra, India.
Of the seven hotels, three — the Ritz-Carlton Reserve, at Pottuvil, near Yala East National Park in Sri Lanka; the Varanasi Marriott Hotel (161 rooms) in Varanasi, India; and the Courtyard by Marriott (200 rooms) in Mundra — are being developed by Ventive Hospitality.The remaining four projects — the proposed JW Marriott Navi Mumbai (450 rooms), Moxy Navi Mumbai (200 rooms), Moxy Pune Wakad (264 rooms), and Moxy Pune Kharadi (200 rooms) — will be built by promoter group companies on a right of first offer or alternative structure basis for Ventive Hospitality. They will be transferred to the company under a suitable arrangement that maximises value for all stakeholders equitably, it said.
Ventive Hospitality also announced its plans to develop a hotel on its existing leasehold land in Mundra, India.
Of the seven hotels, three — the Ritz-Carlton Reserve, at Pottuvil, near Yala East National Park in Sri Lanka; the Varanasi Marriott Hotel (161 rooms) in Varanasi, India; and the Courtyard by Marriott (200 rooms) in Mundra — are being developed by Ventive Hospitality.The remaining four projects — the proposed JW Marriott Navi Mumbai (450 rooms), Moxy Navi Mumbai (200 rooms), Moxy Pune Wakad (264 rooms), and Moxy Pune Kharadi (200 rooms) — will be built by promoter group companies on a right of first offer or alternative structure basis for Ventive Hospitality. They will be transferred to the company under a suitable arrangement that maximises value for all stakeholders equitably, it said.
“Our growth strategy focuses on being present where our guests are looking to travel. We are thrilled to work with Ventive Hospitality as we continue to meet the growing demand for luxury travel experiences and world-class hospitality services. We are especially excited to have signed the Ritz-Carlton Reserve, which is expected to mark the brand’s debut in Sri Lanka,” Rajeev Menon, President, Asia Pacific (excluding China), Marriott International, said.
Ventive Hospitaity shares were up 5.38% at ₹784 apiece at 2.50 pm on Tuesday, July 8. The stock has gained 9% this year, so far..
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