EIH, the flagship company of the Oberoi Group, will acquire a 51 percent equity stake in Pune-based hospitality and commercial real estate firm Muttha Towers II for Rs 254 crore. This will pave the way for the development of a mixed-use project including a Trident Hotel and a commercial complex at a cost of Rs 972 crore.
The investment will enable EIH to expand its business operations, as the target company owns a parcel of land measuring 1.7 acres. The proposed hotel will have a capacity of approx. 175 keys, and will be spread over an area of 1.81 lakh sq. ft. The commercial complex will have office spaces, and food and beverage-focused retail outlets spread over 4.08 lakh sq. ft.
The commercial operations of the development are expected to commence in Q1/FY30.