Oberoi Realty’s Special Purpose Vehicle (SPV), I-Ven Realty Limited, has executed agreements with AMAN GROUP SARL of Switzerland. These include a Hotel Management Agreement (HMA) and a Residences Branding and Marketing Agreement (RBMA) for a development in Worli, Mumbai. The hotel, featuring 80 guest rooms, is expected to be operational by August 31, 2032, under the prestigious ‘Aman’ brand for an initial 25-year tenure.
JV Finalizes Key Management Contracts for Worli Project
Oberoi Realty Limited announced that its joint venture, I-Ven Realty Limited (the “SPV”), has signed definitive agreements with AMAN GROUP SARL, Switzerland. The SPV is developing a significant site in Mumbai, holding leasehold rights over approximately 16,689.93 sq. mt. (approx. 4 Acres) at Dr. Annie Besant Road, Worli.
Development Scope and Ownership
The development plan for this land involves constructing a hotel comprising approximately 80 guest rooms, along with extensive food and beverage outlets. Additionally, the SPV plans to develop approximately 150,000-200,000 sq. ft. (carpet area) of high-end residential real estate, referred to as the “Residences.”
Oberoi Realty currently holds a 39.13% ownership stake in the SPV on a fully diluted basis. Mr. Vikas Oberoi holds another 39.13%, with the balance of 21.74% held by Alpha Wave Ventures II, LP.
Details of Agreements with Aman
The core of the announcement covers two principal agreements:
- Hotel Management Agreement (HMA): Aman will manage and operate the Hotel under the highly reputed ‘Aman’ brand. The expected operational date is August 31, 2032. The initial management term will be 25 years, subject to an automatic 10-year extension unless otherwise chosen by Aman (the “Tenure”).
- Residences Branding and Marketing Agreement (RBMA): The Residences will be developed, marketed, and sold using the licensed Aman marks, also managed and operated under the ‘Aman’ brand. The RBMA carries the same Tenure as the HMA.
No specific consideration details (paid/received) for entering these agreements were detailed, as the agreements are considered part of the strategic development plan. The rationale highlights that the SPV expects significant benefits from associating with the Aman Group, which is renowned for owning, managing, and operating luxury hotels and residences globally under the “Aman” and “Janu” brands.
Source: BSE
