Spectrum Foods Acquires Prime Pushkar Land, Signs Exclusive Agreement to Open India's First AVANI+ Resort

Spectrum Foods Limited has taken a giant leap in its hospitality growth by acquiring 4,100 square yards of land in Pushkar, Rajasthan, as part of its ambitious development plan to set up a luxury resort. The acquisition is an important milestone in the company's flagship project: a large 185-key, five-star AVANI+ Pushkar Resort & Spa, India's first AVANI-branded property in association with global hospitality major Minor Hotels.

 

Strategic Land Acquisition:

Spectrum Foods acquired 4,100 square yards of land in Pushkar, solidifying its real estate presence in the area once again. The land is part of an overall 8-acre estate that will be used for developing the company's luxury resort.

 

Exclusive Partnership with Minor Hotels:

The company has entered into a 90-day exclusive Letter of Intent (LOI) with Minor Hotels, setting the stage for a long-term Hotel Management Agreement (HMA) for the AVANI+ Pushkar Resort & Spa. The deal will see the AVANI brand make its first foray into India, offering international standards of luxury and service to the holy city.

 

Project Details:

The AVANI+ Pushkar Resort & Spa is set to include 185 keys consisting of 42 modern rooms and 143 private villas, several with private plunge pools and courtyards. The resort has been planned to take maximum advantage of Aravalli Hills and lush landscaping views while providing the benefits of modern amenities and nature.

 

World-Class Amenities:

Visitors will have the option of enjoying a show-kitchen all-day restaurant, artisan bakery and café, swim-up bar and poolside bar with beach service, infinity-edge pool, AVANIFit Gym, AVANISpa, conference and wedding events spaces that can be modified as needed, Kids Club and family area dedicated solely to family needs.

 

Development Timeline:

The development is taking place in phases, with Phase I opening of 138 keys slated for August 2025 and the balance keys to follow six months later. Construction is well underway, with Spectrum Foods utilizing its strong cash position to carry out the project debt-free.

 

Investment and Market Impact

Pushkar resort is a part of a ₹140 crore investment in Ajmer (Pushkar) and is likely to greatly increase Spectrum Foods' presence in the hospitality business, which will complement its core business in spices and industrial salt.

 

"This milestone alliance with Minor Hotels and acquisition of prime land in Pushkar laid the foundation for a world-class luxury retreat, furthering our dedication to hospitality excellence in India," said a Spectrum Foods spokesperson.

 

The launch of AVANI+ Pushkar Resort & Spa will usher Spectrum Foods to change the game when it comes to luxury hospitality in Rajasthan and showcase a world-first fusion of worldwide standards combined with local beauty.                                         

Source: DSIJ, MarketScreener, EquityBulls, The Hindu Business Line, S&P Capital IQ