Oberoi Realty buys hotel in Worli for Rs. 1,040 cr.

Evenstar Hotels, a wholly-owned subsidiary of Oberoi Realty, has purchased a hotel property situate at Dr. Annie Besant Road, Worli, Mumbai, for a consideration of Rs. 1040 crore.

The 221-key '5 Star' hotel will be operated and managed under the Ritz-Carlton brand. Earlier the hotel was owned by Oasis Realty (an association of persons), and is part of the project 'Three Sixty West' developed by Oasis Realty.

Shares of Oberoi Realty fell 3.58% to Rs. 539.30 recently. The stock has climbed nearly 26% in last three months as against a 34% rise in Nifty Realty index.

Oberoi Realty is a real estate development company headquartered in Mumbai. It is focused on premium developments in the residential, office space, retail, hospitality, and social infrastructure verticals.

On a consolidated basis, Oberoi Realty registered a 0.2% decline in net profit to Rs. 137.74 crore on 35.7% drop in net sales to Rs. 316.06 crore in Q2 September 2020 over Q2 September 2019.

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