M&A

M&A

Ambuja Neotia Group acquires Tree of Life Resorts & Hotels for Rs.80-Cr

Mint  

Kolkata-based Ambuja Neotia Group has acquired Gurugram-based Tree of Life Resorts & Hotels, a boutique hotel chain operating across 14 locations with an inventory of about 200 rooms. The deal value is pegged at INR 70-80 crore. The acquisition includes the sale of its brand as well as three of the company's assets in Varanasi, Jaipur and Agra. While Varanasi and Jaipur are hotels, Agra is a land parcel that will need to be developed. The deal marks Ambuja Neotia group's foray into hotel management and broadens its footprint beyond the eastern region.