The Ascott Limited Expand Presence in India with Signing of the Oakwood in Navi Mumbai

Inks deal with Innovative Group for expanding its market presence in the Mumbai Metropolitan Region~

India, February 5, 2024: CapitaLand Investment Limited’s wholly owned lodging business unit, The Ascott Limited (Ascott), proudly announces the signing of a management agreement with Innovative Group for the development of new Oakwood branded hospitality property in Navi Mumbai. This strategic move represents Ascott’s commitment to redefine luxury and marks a strategic milestone in company’s expansion plans across India, offering an unparalleled experience for both business and leisure travelers. 

The Management Agreement was facilitated with the involvement of M/s Roger Bravo Advisors. The announcement ceremony was graced in the presence of Mr. Hoshang Garivala, Country General Manager, Mr. Anand Rai, Assistant Director Business Development, both from Ascott International Management India Pvt. Ltd, along with Mr. Amar Jadhav, Managing Director, Mr. Parth Jadhav, Director, both from Innovative Group, and Mr. Mayank Nandan – Director, Roger Bravo Advisors. 

Navi Mumbai’s rapid infrastructural development, the soon-to-be-inaugurated new international airport, the recently inaugurated Shri Atal Bihari Vajpayee Trans Harbour Link, the proliferation of commercial parks, burgeoning industrial zones, home to India’s largest and busiest container port, coupled with dedicated Data Centre zones positions the region as prime investment destination in the hospitality sector. The signing of the Oakwood property underscores Navi Mumbai’s emergence as a premier destination for travelers seeking luxury experiences amidst a thriving urban landscape. 

Set to be operational by March 2026, the property is strategically located in the central business district of Navi-Mumbai, part of the Mumbai Metropolitan Region (MMR). The property is planned to offer a total of 125 hybrid units, comprising of hotel rooms and serviced residences. These accommodations feature a range of amenities including food & beverage offerings, versatile meetings and banqueting spaces, a gym, and swimming pool. This comprehensive set-up is designed to cater to the diverse needs of every guest, ensuring an unparalleled experience that seamlessly brands contemporary comforts with warmth of traditional Indian hospitality. The property’s strategic location makes it an ideal choice for both business and leisure travelers, providing easy access to key commercial districts, shopping centers, and tourist attractions in Navi Mumbai. 

“We are thrilled to announce the signing of our latest property in Navi Mumbai. Navi Mumbai is a dynamic and rapidly growing city, and we believe that our property will not only complement its vibrant atmosphere but also set new benchmarks in upscale accommodation. This expansion aligns with our vision to create exceptional hospitality experiences in strategic locations across India. The property marks another milestone in our journey as we continue to grow across the country.”

Hoshang Garivala, Country General Manager, Ascott International Management India Pvt. Ltd

“With 10+ years of experience in the Navi Mumbai market, we've been privileged to witness its remarkable transformation. From burgeoning residential landscapes to thriving commercial hubs, the city has seen consistent and impressive development. This growth trajectory is poised to accelerate further with ongoing infrastructure development. In these exciting times, we're proud to announce our collaboration with Oakwood, a brand renowned for its exceptional offerings in the hospitality space. We are confident that we will deliver a world class service apartment project, which is the need of the hour.” 

Amar Jadhav, Promoter of Innovative Group

The Ascott Limited is one of the leading international lodging owner-operators with properties across Asia Pacific, Central Asia, Europe, the Middle East, Africa and the USA. Its portfolio of serviced apartment coliving and hotel brands includes Ascott The Residence, The Crest Collection, Somerset, Quest, Citadines, Lyf, Preference, Vertu, Harris, Citadines Connect, Fox, Yello, Fox Lite, and POP! Ascott has strengthened its position as the world's leading player and operator in hotel apartments, expanding the portfolio to over 1,60,000 units across 900 properties. In India, with the Oakwood acquisition last year, Ascott has now 6 properties in its current portfolio across the cities of Chennai, Bangalore, Hyderabad, and Pune.

About The Ascott Limited

Since pioneering Asia Pacific’s first international-class serviced residence with the opening of The Ascott Singapore in 1984, Ascott has grown to be a trusted hospitality company with more than 940 properties globally. Headquartered in Singapore, Ascott’s presence extends across more than 220 cities in over 40 countries in Asia Pacific, Central Asia, Europe, the Middle East, Africa, and the USA. 

Ascott’s diversified accommodation offerings span serviced residences, coliving properties, hotels and independent senior living apartments, as well as student accommodation and rental housing. Its award-winning hospitality brands include Ascott, Citadines, lyf, Oakwood, Quest, Somerset, The Crest Collection, The Unlimited Collection, Preference, Fox, Harris, POP!, Vertu and Yello; and it has a brand partnership with Domitys. Through Ascott Star Rewards (ASR), Ascott’s loyalty programme, members enjoy exclusive privileges and offers at participating properties.

A wholly owned business unit of CapitaLand Investment Limited, Ascott is a leading vertically-integrated lodging operator. Harnessing its extensive network of third-party owners and in-market expertise, Ascott grows fee-related earnings through its hospitality management and investment management capabilities. Ascott also expands its funds under management by growing its sponsored CapitaLand Ascott Trust and private funds.

For more information on Ascott’s industry record of close to 40 years and its sustainability programme, please visit www.discoverasr.com/the-ascott-limited. Connect with us on Facebook, Instagram, TikTok and LinkedIn.

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