13 January 24
Realty developer to Invest over ₹2,000 cr to build luxury hotels across key heritage sites like Benares, Amritsar
Mumbai | New Delhi: Realty developer the Abhinandan Lodha Group, along with its marquee hospitality partners, plans to invest over 2,000 crore to build five luxury hotels across India’s iconic heritage and cultural cities including Ayodhya, Benares, Vrindavan, Shimla, and Amritsar.
To kickstart the plan, the company and Brookfield Group-owned Leela Palaces, Hotels & Resorts have entered into a partnership to develop a luxury modern palace hotel in Ayodhya near the Shri Ram Janmabhoomi Temple that is set to be inaugurated this month.
The first palatial hotel in Ayodhya will be spread over a five-acre land parcel on the banks of the sacred Sarayu River and will be developed around the theme of Indian culture and heritage. The other hotels in the Abhinandan Lodha Group’s port- folio will also be developed along the same theme.
“This venture not only signifies the transformation that Ayodhya is witnessing, but also sets the stage for opulence and hospitality that respects Ayodhya’s rich legacy. As India’s largest branded land developer, we aim to contribute significantly to Ayodhya’s cultural and economic landscape,” Abhinandan Lodha, chairman, The Abhinandan Lodha Group, told ET. The luxury hotel in Ayodhya will be part of the developer’s larger development “The Sarayu’ spread over 51 acres including residential plots, villas on a total 31 acres and even high-rise luxury apartments on 15 acres in the holy city.
The 100-key luxury hotel in Ayod- hya is expected to entail invest- ment of over ₹450 crore and is expected to be fully operational by March 2028. Each of the other four hotels in the proposed portfolio are also expected to see similar amounts of investments.
“Our partnership with The Leela extends to the overall experience and details, with The Leela managing the clubhouse, serviced villas and serviced luxury apartments, ensuring a comprehensive luxury experience for guests and residents. We plan to explore similar luxury hospitality formats in other cities as well,” Lodha said.
Source- The Economic Times