Marriott partners for 7 hotels in India, Sri Lanka

INTERNATIONAL REPORT — Marriott International has signed an agreement with Pune, India-based Ventive Hospitality to open seven hotels as part of a portfolio deal comprising 1,548 rooms across five brands.

This includes multiple brand debuts with a Ritz-Carlton Reserve in Sri Lanka (the first in the country); Marriott Hotels & Resorts in Varanasi, India; Courtyard by Marriott in Mundra (Gujarat), India; and a Moxy in Pune. The deal also includes the third JW Marriott and second Moxy to open as part of a dual-branded property in Mumbai. All seven properties are anticipated to open in 2030.

Ventive is a division of Pune-based Panchshil Realty and is an owner, developer and asset manager of luxury and business hotels and resorts with a strong foothold in its portfolio in Pune and the Maldives.

Ventive Hospitality and its subsidiaries are developing three hotels: the Pottuvil, a Ritz-Carlton Reserve (73 villas and 80 branded residences for sale) in Pottuvil, Sri Lanka; the 161-key Varanasi Marriott Hotel in Varanasi, India; and the 200-key Courtyard by Marriott in Mundra, India. Four of the hotels – the 450-key JW Marriott Navi Mumbai, the 200-key Moxy Navi Mumbai, the 264-key Moxy Pune Wakad and the 200-key Moxy Pune Kharadi – are being developed by the Promoter Group companies on a right of first offer or alternative structure basis for Ventive Hospitality and will be transferred to the company.

This signing not only strengthens our two-decade-long relationship with Marriott International but also marks a pivotal moment in our journey to redefine India’s hospitality sector.

Atul Chordia

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Last September, Ventive formed a joint venture with Blackstone Group and filed a draft red herring prospectus for an IPO with the Securities & Exchange Board of India. The JV was billed as the largest multi-brand hotel owner in India by EBITDA as Ventive had 17 assets in India and the Maldives under the Marriott, Hilton and Minor brands at the time. The $187.1 million IPO concluded in late December.

The multi-deal agreement was signed by Rajeev Menon, president, Asia Pacific excluding China of Marriott; Atul Chordia, chairman and executive director of Ventive; Ranju Alex, regional vice president, South Asia of Marriott; Ranjit Batra, CEO of Ventive; Kiran Andicot, senior vice president, hotel development of Marriott; and Milind Wadekar, executive vice president, finance and investor relations of Ventive.

The collaboration further expands Marriott’s presence in the Indian subcontinent. “We are thrilled to work with Panchshil Realty and Ventive Hospitality as we continue to meet the growing demand for luxury travel experiences,” Menon said in a news release. “We are especially excited to have signed a Ritz-Carlton Reserve, which is expected to mark the brand’s debut in Sri Lanka.”

“We’re excited to begin FY 2025-26 on a strong note, particularly as it is our first financial year post listing,” Ventive's Chordia said in a release. “This signing not only strengthens our two-decade-long relationship with Marriott International but also marks a pivotal moment in our journey to redefine India’s hospitality sector… This collaboration underscores our commitment to aggressive growth while maintaining prudent leverage.”