Puneet Chhatwal, MD & CEO, IHCL said, “Recognising the growing demand for experiential leisure, IHCL is excited to onboard the Tree of Life brand and scale it to 100 properties by 2030.”
The hospitality arm of Tata Group, Indian Hotels Company (IHCL) declared the acquisition of a majority stake in Rajscape Hotels on November 5. The board of directors of IHCL approved 55% stake for an amount not exceeding Rs 18 crore, IHCL informed in a regulatory filing.
Rajscape Hotels runs 16 boutique properties under the brand ‘Tree of Life Resorts & Hotels’ across India.
Puneet Chhatwal, MD & CEO, IHCL said, “Recognising the growing demand for experiential leisure, IHCL is excited to onboard the Tree of Life brand and scale it to 100 properties by 2030.”
The deal will be completed in 90 days, the company said in its filing.
IHCL’s shares are at Rs 667.80. The shares are closed up by .020%.
“The Tree of Life brand, with its unique value proposition, complements IHCL’s brandscape. Recognising the growing demand for experiential leisure, IHCL is excited to onboard the Tree of Life brand and scale it to 100 properties by 2030,” said IHCL spokesperson.
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