Sayaji Hotels has entered into a long-term hotel management agreement with Siddhi Garima Reality Private Limited for managing and operating a 4-star hotel property in Chakan, Pune, the company informed exchanges on Tuesday, December 24.
Under the agreement, Sayaji Hotels will manage and operate the hotel for an initial period of 15 years from the date of commercial commencement. The contract includes a provision for renewal for successive five-year terms, subject to mutually agreed conditions.
As per the regulatory filing, the hotel property is located at Plot Nos. 31 and 32, Avassa Grassland, opposite Dwarka School, Mhalunge Ingale, Taluka Khed, Chakan, Pune. The property will operate under the brand name “Effotel by Sayaji.”
The upcoming hotel will comprise 110 rooms, along with a banquet hall, a restaurant, a boardroom, gym and spa facilities. Sayaji Hotels will provide full operational and management services in line with its brand standards.
The company clarified that the transaction does not fall under related party transactions and has been executed on an arm’s-length basis. No additional disclosures were reported in connection with the agreement.
The development aligns with Sayaji Hotels’ asset-light expansion strategy, focusing on management contracts to grow its presence across key business and industrial hubs.
