EaseMyTrip to set up 5-star hotel in Ayodhya; stock slips 1%

EaseMyTrip on Monday said it would establish a new 5-star hotel in Ayodhya, near the Ram Mandir temple. "This initiative represents a significant stride towards enriching the spiritual journey of pilgrims and tourists. The hotel's prime location, less than 1 kilometer from the revered temple, promises guests an unparalleled blend of spirituality and luxury," the online travel portal stated in an exchange filing.

"EaseMyTrip, as one of the joint venture partners, is committing to invest up to Rs 100 crore in Jeewani Hospitality Pvt Ltd, the entity super heading the project under incorporation. This investment will represent 50 per cent of the total paid-up share capital of the JV company on a fully diluted basis through equity swap, once finalised," it further mentioned.

The company said religious tourism witnessed 1,439 million tourists in 2022 and the places of religious tourism earned Rs 1.34 lakh crore in the same year.

The sector is expected to generate a revenue of 59 billion by 2028, creating 140 million temporary and permanent jobs by 2030, it added.

Nishant Pitti, CEO & Co-Founder at EaseMyTrip said, "We are delighted to announce our intend towards the newest Joint Venture, a lavish retreat that not only epitomizes luxury but also cultivates a tranquil ambiance amidst the dynamic religious ambiance of Ayodhya. With over 2.4 million visitors flocking to Ayodhya following the Pran Pratishtha of the Ram Temple, the city has emerged as a prime investment destination for businesses to offer hospitality options tailored to tourists and inviting guests to delve into a spiritually fulfilling journey while relishing in top-notch hospitality."

The stock was last seen trading 1.36 per cent lower at Rs 50.15 today.

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