Spice Islands Industries Ltd has commenced operations of The Ocean Prime, a 26-room hotel in Dwarka, Gujarat, as part of its strategy to expand its hospitality business.
The company has entered into a Hotel Lease & Operating Agreement with Ladhu Kara Charities, also known as Seth Ladhukara Charity Trust, to take the hotel property on lease and operate it. The opening ceremony was held on September 25, 2026.
Hotel operations begin under lease agreement
The Ocean Prime has commenced operations with 26 rooms along with restaurant facilities. Spice Islands Industries will operate and manage the property in accordance with the terms and conditions of the agreement.
The lease agreement became effective from July 1, 2026 and will remain valid for 11 months and 29 days, ending on June 30, 2027.
Company to pay lease rent
Under the agreement, Spice Islands Industries will pay a monthly lease rent of ₹3 lakh, subject to an annual escalation of 10%.
The company is also required to pay a refundable security deposit of ₹50 lakh for the hotel property.
Expansion to create revenue opportunities
The company said the agreement forms part of its strategy to expand its hospitality business by taking on lease and operating fully equipped hotel properties.
The move is expected to expand Spice Islands Industries’ presence in the hospitality sector while creating additional revenue-generating opportunities through hotel operations and related services.