Mozambique’s Masa group to buy Mumbai hotel project from Aristo Realty Developers
New Delhi/Mumbai: Masa Hotels Pvt. Ltd, a unit of Mozambique based Masa group, has agreed to buy a 300-room hotel project located next to Mumbai’s Chhatrapati Shivaji International Airport from Aristo Realty Developers Ltd.
“We will invest $50 million on the asset purchase and project completion,” Sabir Rassul, director, Masa Hotels India, said in a phone interview. Masa Hotels owns and operates five hotels in Africa and Europe, he added.
“It will be a completely Shariah-compliant (meets requirements of Shariah law) hotel and among the few in the region” he said. “We plan to build and acquire more such properties in India, especially in key metro cities which receive a large number of visitors from the Middle East.”