Ambuja Neotia Group acquires Tree of Life resorts & hotels for nearly ₹80 Crore

• Ambuja Neotia Group has acquired Tree of Life Resorts & Hotels for an estimated ₹70-80 crore
• The deal encompasses the acquisition of the Tree of Life brand and three assets in Varanasi, Jaipur, and Agra
• Ambuja Neotia has appointed a new CEO, Vinoth Ram, to lead the resort and hotel business

Kolkata-based Ambuja Neotia Group has completed the acquisition of Gurugram-based Tree of Life Resorts & Hotels, a hotel ownership and management company, in a deal estimated to be valued between ₹70-80 crore. Tree of Life operates boutique hotels in 14 locations across India, with approximately 200 rooms in its inventory.

The acquisition includes the sale of Tree of Life's brand and three assets in Varanasi, Jaipur, and Agra, with the latter being a land parcel slated for development. Ambuja Neotia, known for its real estate development but also active in healthcare, education, and hospitality, made this acquisition through its subsidiary, Ambuja Neotia Hotel Ventures Ltd, augmenting its presence in the hospitality industry.

While the exact financial details were not disclosed, Ambuja Neotia emphasized its commitment to enhancing guest experiences through this acquisition, which aligns with its existing hospitality portfolio. It's worth noting that a portion of Tree of Life's assets was managed under contracts, and it is anticipated that Indian Hotels Company Ltd (IHCL) will take over these contracts.

Tree of Life Resorts & Hotels founder, Prashant Anand, expressed confidence that Ambuja Neotia and the group would lead the organization to new heights.