EIH, the parent company of the Oberoi Group, is set to acquire a 51% equity stake in Muttha Towers II, a Pune-based hospitality and commercial real estate firm, for Rs 254 crore. The acquisition will enable the development of a mixed-use project that includes a Trident Hotel and a commercial complex, with an estimated cost of Rs 972 crore.
EIH is set to expand its business operations following an investment which grants them ownership of a 1.7-acre parcel of land. The company plans to construct a hotel with a capacity for approximately 175 keys, covering an area of 1.81 lakh sq-ft. In addition to the hotel, EIH also plans to build a commercial complex offering office spaces and food and beverage retail outlets, spanning 4.08 lakh sq-ft.
The commercial operations of the development are expected to commence in Q1/FY30