Tata group’s hospitality arm Indian Resorts Firm (IHCL) introduced on Thursday that it has acquired a majority stake in Brij Hospitality, which operates Brij Resorts, in a deal price ₹193 crore.
IHCL, the mum or dad firm of Taj Resorts, stated in an official launch that it has signed definitive agreements to amass 51% stake in Brij Hospitality, an organization identified for its presence in boutique experiential leisure providing.
India’s largest hospitality firm by market capitalization, the IHCL is listed on each BSE and NSE. Shares of the corporate closed at ₹688, up ₹9.85, or 1.45% on Thursday.
IHCL set to spice up presence in boutique leisure section
By means of this acquisition, IHCL will acquire possession of the Brij model, and along with its founding promoters, plans to increase its footprint within the boutique leisure section of the nation, as per the assertion.
“India’s hospitality sector is witnessing sustained demand progress led by rising disposable earnings and discretionary spends with a rising choice for experiential leisure,” Puneet Chhatwal, the Managing Director and CEO of IHCL, stated in a press release.
In view of the growing demand, IHCL plans to make use of this acquisition to strengthen its place as a number one participant in India’s leisure tourism, particularly in key cultural, religious and wildlife locations.
“Brij’s presence in offbeat places provides heterogeneity to IHCL’s portfolio in locations similar to Jaipur, Varanasi, Ranthambore, northern hills, the north east area and Goa, amongst others,” Chhatwal added.
Therefore, with this acquisition, IHCL’s whole portfolio now stands at 610 accommodations, together with 253 properties which are at the moment below growth and will likely be added within the coming years.
Brij to increase to Nepal, Sri Lanka
In the meantime, Brij Resorts has a portfolio of twenty-two accommodations, with 11 within the pipeline. The resort chain specialises in offering luxurious stays with a deal with personalised service and distinctive settings.
Udit Kumar and Anant Apurv Kumar, Co-Founders of Brij Hospitality, stated, “We’re excited to associate with IHCL to form the way forward for boutique hospitality. Brij Resorts is recognised for creating immersive, regionally rooted experiences that commemorate the nation’s cultural variety.”
When requested whether or not the model will likely be restricted to India, they instructed PTI that, “We even have an upcoming asset in Pokhara in Nepal, which may be very experiential. We’re additionally within the midst of some enterprise growth in Sri Lanka. Principally, we’re extremely unmatched places which are nonetheless storytelling.”
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