Mumbai, April 24 -- SAMHI Hotels and global institutional investor GIC have announced a strategic joint venture to establish an Upscale+ hotel investment platform in India, with an equity investment plan of up to US$300 million. The venture will be launched with five seed assets valued at around Rs 22 billion, located in Bengaluru and Pune.
These include Hyatt Regency Pune (301 rooms, plus 22 upcoming apartments), Courtyard by Marriott and Fairfield by Marriott on Bengaluru's Outer Ring Road (176 and 160 rooms respectively), and Trinity Hotel in Whitefield, Bengaluru (142 rooms), which will be repositioned under Marriott's Tribute Portfolio. An additional 220-room Westin Hotel under development will also be integrated with Trinity.
GIC will acquire a significant minority stake in the SPVs owning these assets. The funds will be deployed for capital expenditure, future acquisitions, and deleveraging.
SAMHI will continue to manage both operational and development assets.
Ashish Jakhanwala, CEO & Managing Director, SAMHI, said, "In addition to helping us strengthen our balance sheet, this partnership gives us tremendous firepower to grow our portfolio."
Morgan Stanley advised SAMHI exclusively on the deal.
Published by HT Digital Content Services with permission from Construction World.