Oberoi Realty’s joint venture, I‑Ven Realty, has entered into a hotel‑management contract and a branding‑and‑marketing agreement with Switzerland‑based Aman Group to develop a luxury hospitality and residential project on a 4‑acre leasehold site at Dr Annie Besant Road, Worli. The development will feature an 80‑room hotel with food‑and‑beverage outlets and ancillary facilities, alongside 150,000–200,000 sq ft of high‑end residential space for sale.
Under the terms, Aman will operate the hotel under its brand for an initial 25‑year term, automatically extendable by ten years, and will license its marks for the residences, which will be marketed and sold under the same name. The hotel is slated to open by 31 August 2032, and no upfront consideration is payable for the agreements.
I‑Ven Realty is structured as a special‑purpose vehicle with Oberoi Realty holding 39.13 %, promoter Vikas Oberoi 39.13 %, and Alpha Wave Ventures II, LP 21.74 %.
Image Courtesy: Business Standard
