I Ven Realty, a joint venture between Mumbai based Oberoi Realty (ORL), its promoter Vikas Oberoi , and another entity, has signed a hotel management contract and branding and marketing agreement with Switzerland based Aman Group for a luxury hotel and residential project in Worli area of Mumbai.
Strategic SPV Structure
ORL holds 39.13% stake , 39.13% held by Oberoi and 21.74% is held by Alpha Wave Ventures in the special purpose vehicle (the JV company).
The SPV holds leasehold rights for a land measuring 16,689.93 square metres (nearly 4 acres) situated at Dr. Annie Besant Road, Worli, Mumbai.
As part of the development of the land, the SPV plans to construct a hotel consisting of about . 80 rooms, food and beverage outlets, and other allied facilities and amenities and nearly 150,000-200,000 sq. ft. of residential real estate
for sale along with allied facilities and amenities.
Long-Term Horizon
Aman will manage and operate the Hotel under the ‘Aman’ brand. The Hotel is expected to be operational by August 31, 2032 and will be managed and operated by Aman for an initial term of 25 years, with an automatic extension for a further period of 10 years unless chosen otherwise by Aman, the company said .
The residences branding and Marketing agreement the Residences will be developed, marketed and sold using the licensed Aman marks, and managed and operated under the ‘Aman’ brand.