EIH acquires majority stake in Muttha Towers
The parent company of the Oberoi Group, EIH has plans to acquire a 51% equity stake in Muttha Towers II, a Pune-based hospitality and commercial real estate firm, for Rs 254 crore. This would enable EIH to develop a mixed-use project that includes a Trident Hotel and a commercial complex. This would take an estimated cost of Rs 972 crore.
EIH 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. Further, it plans to build a commercial complex offering office spaces and food and beverage retail outlets, spanning 4.08 lakh sq-ft. As per the update commercial operations of the development are expected to commence in Q1/FY30.
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