The Indian Hotels Company (IHCL) has approved an agreement to acquire 55% equity shares in Rajscape Hotels, a company known for its Tree of Life Resorts & Hotels brand that operates and manages 16 hotels.
Valued at nearly Rs180m ($2.14m), the acquisition marks an expansion of IHCL’s boutique property portfolio across India.
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Rajscape Hotels operates boutique properties under the Ambuja Neotia Group with a focus on the hospitality sector, providing immersive and experiential stays in offbeat destinations across India. As of 31 March 2024, the company reported a turnover of Rs234.4m ($2.78m).
In a statement released to the Economic Times, IHCL managing director and CEO Puneet Chhatwal said: “Currently, we are in partnership with Ambuja Neotia Group for seven hotels and resorts featuring properties such as the Taj Chia Kutir and Taj Guras Kutir in Darjeeling and Gangtok.”
The transaction is subject to the fulfilment of certain conditions and is expected to be completed within 90 days.
According to Press Times of India, an IHCL spokesperson said: “The Tree of Life brand, with its unique value proposition, complements IHCL’s brandscape. Recognising the growing demand for experiential leisure, IHCL is excited to onboard the Tree of Life brand and scale it to 100 properties by 2030.”
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By GlobalDataThe acquisition provides IHCL with access to a new brand and offers prospects for growth in the niche market of small boutique and immersive lodging experiences, where the company can seek to expand with a strategy that minimises asset burden.
In September, IHCL announced the introduction of the Vivanta and Ginger brand hotels to Chennai’s Mahindra World City (MWC), India. These developments will bring IHCL’s total number of properties in Tamil Nadu to 22, including six that are currently under development.
As of 30 June 2024, the company’s portfolio includes 81 Taj-branded hotels, 23 under SeleQtions, 16 under Tree of Life, and eight under Gateway, along with 30 Vivanta hotels and 66 Ginger hotels.
