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The Ascott Limited to Develop Oakwood, in Navi Mumbai

February 5, 2024: CapitaLand Investment Limited’s wholly owned lodging business unit, The Ascott Limited (Ascott), announced the signing of a management agreement with Innovative Group for the development of new Oakwood branded hospitality property in Navi Mumbai. 

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

Set to be operational by March 2026, the property is planned to offer a total of 125 hybrid units, comprising of hotel rooms and serviced residences, says a press release issued by The Ascott Limited.

Commenting on the new property, Hoshang Garivala, Country General Manager, Ascott International Management India Pvt. Ltd expressed “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.”

Speaking on the association, Amar Jadhav, Promoter of Innovative Group said “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.”