The Ascott Limited Signs Agreement For Development Of Oakwood in Bengaluru

February 27, 2024: CapitaLand Investment Limited’s wholly owned lodging business unit, The Ascott Limited (Ascott), announced the signing of a management agreement with Reliaable Developers for the development of new Oakwood branded hospitality property in Bengaluru. This is Ascott’s 4^th property in Bengaluru. 

The Management Agreement was facilitated with the involvement of Raintree Partners. The announcement ceremony was graced in the presence of Mahendranath Reddy, Partner, Reliaable Developers and Serena Lim, Chief Growth Officer, Anand Rai, Assistant Director Business Development, both from Ascott International Management India Pvt. Ltd, 

Set to be operational in H1 2026, the property is located in the South-East Bengaluru nestled Electronic City and Sarjapur Road Tech Corridor. The property is planned to offer hybrid units, comprising hotel rooms and serviced residences, mentions a press release issued by the company. 

Commenting on the new property, Serena Lim, Chief Growth Officer, Ascott International Management India Pvt. Ltd expressed “As Ascott’s Chief Growth Officer, I am thrilled to announce the signing of our fourth property in South-East tech corridor of Bengaluru. This strategic move is in response to the burgeoning demand from the bustling IT parks and industrial corridors in the area. Our newest property is perfectly situated to cater to the needs of modern professionals and business travelers alike. We are delighted to partner with Reliaable Developers, one of Bengaluru’s largest plotted layout developers, in this venture. Together, we are poised to offer unparalleled hospitality experiences in one of India’s most dynamic and vibrant cities.”

Speaking on the association, Mahendranath Reddy, Managing Partner, Reliaable Developers said “Going forward, all our new projects will come in this format. There will be a hospitality section in all of our properties and the blend of luxury and affordability is going to take the experience a notch higher”.