Marriott International and India’s Ventive Hospitality have signed management agreements for seven luxury, upper-upscale, and upscale hotel properties with 1,548 rooms.
Marriott brand hotels will be available in Varanasi and Mundra in India, Pune in India, Navi Mumbai in India, as also in Sri Lanka.
Upcoming Hotels – One of Marriott’s seven upcoming properties will be the Ritz-Carlton-branded property located in Sri Lanka. The property will have 73 villas as well as 80 branded homes for sale.
Skift learned that Ventive will be making its debut in Sri Lanka with this partnership.
In India, Marriott will be building a 161 room Marriott hotel in Varanasi. A Courtyard Marriott in Mundra is also planned in Gujarat. Ventive Hospitality will develop all three properties.
JW Marriott Navi Mumbai, which will have 450 rooms, and Moxy Navi Mumbai (which will be opening in the near future) will bring 200 new keys to Marriott’s portfolio. Two Moxy-branded properties are also coming to Pune: a 264 room Moxy Pune Wakad, and a 200 key Moxy Pune Khradi.
Panchshil Realty, Ventive’s promoter company, is developing these four hotels. Milind Wadekar is Ventive’s executive vice president of finance and investor relations. He explained the arrangement in Skift: “Currently, Panchshil holds these four assets on its balance sheet. The assets will be transferred at a fair price at the warm shell stage to Ventive so that Ventive’s minor shareholders can benefit from the value of the completed hotel.
Wadekar says that the hotels will be complete in approximately five to six year at a rate of 250 keys each.
India Growth Strategy for Marriott: India is an important market.
