- Olive to develop about 2,000 hotel keys in Andhra Pradesh
- Signs MoU with Andhra Pradesh Tourism Authority
- Projects about $55 million from owners and investors
OLIVE HOSPITALITY WILL develop 2,000 branded hotel keys across Visakhapatnam, Tirupati, Vijayawada and Guntur in Andhra Pradesh. The company recently signed a memorandum of understanding with the Andhra Pradesh Tourism Authority to support hospitality infrastructure and private investment.
The company projects an investment of about $55 million from third-party owners and investors, while the development under the MoU is expected to generate about 700 jobs, the company said in a statement.
Olive, the hospitality arm of Bengaluru-based Embassy Group, is led by co-founder and CEO Kahraman Yigit.
“Andhra Pradesh is seeing significant growth as a key destination for tourism and travel across multiple circuits,” Yigit said. “Our focus through this partnership is to accelerate that growth by building a network of branded hospitality assets that make travel across the state more seamless, predictable and scalable, benefiting both travellers and investors.”
The Andhra Pradesh Tourism Authority will facilitate approvals and clearances, provide access to land parcels and tourism zones, extend incentives under the Andhra Pradesh Tourism Policy 2024–2029 and support investor outreach, the statement said.
Meanwhile, Olive expanded to more than 100 hotels across the country, reached operational break-even and expects to post profits next fiscal year. It reports an annual run rate of $12.1 million from operational properties and a secured pipeline of $50.6 million and is seeking a minority partner to support expansion in the budget and mid-market segments.
Embassy Group, founded in 1993, is led by Chairman Jitendra Mohandas Virwani and Managing Director Aditya Virwani and aims to operate 1,000 hotels in India by 2030 and expand globally thereafter.
In July, Olive launched Open Hotels, a remote-operated, AI-native hotel brand.
