New Delhi, Sept. 26 -- Ventive Hospitality Ltd, the joint venture between private equity major Blackstone and Indian developer Panchshil Realty, is set to expand its portfolio and enter the lucrative Goa market by acquiring a controlling 76% stake in Soham Leisure Ventures Pvt Ltd, the company that owns the Hilton Goa Resort at Candolim.
Ventive is making the acquisition at an enterprise value of around Rs 320 crore ($36 million), which includes the cost of land. The acquisition comes a little over nine months after Ventive made its stock market debut in December last year. Its Rs 1,600-crore initial public offering had been subscribed 10 times.
Of the total money raised in the IPO, Rs 1,400 crore was earmarked for debt repayments or advance loan payments.
Ventive said in a stock-exchange filing that it will pay Rs 9.5 crore in cash to acquire the 76% stake in Soham Leisure.
Soham recorded a turnover of just under Rs 50 crore in 2024-25. In fact, the 14-year-old company's turnover has been rising in successive years, from Rs 33.4 crore in 2022-23 to Rs 48.5 crore the following year.
Ventive said in its filing that the new acquisition adds a 64-room "Hilton-flagged resort with refurbishment and expansion potential" and aligns with its strategy to double its portfolio size to 4,000 rooms in the next five years.
About 36% of Ventive is owned by Blackstone, which invested Rs 1,450 crore in the company via a preferential allotment. The money was used to acquire a bunch of luxury hotel properties across India and the Maldives. The Blackstone investment came after several Panchshil group companies and individuals invested Rs 1,170 crore in the company.
Ventive Hospitality's portfolio consists of 11 operational hospitality assets with a total of 2,036 keys, located in India and the Maldives. These assets span luxury and upscale segments, serving both business and leisure travelers, and include properties managed by global brands like Marriott and Hilton. Its portfolio of properties includes the JW Marriott and the Ritz Carlton in Pune as well as Conrad, Anantara and Raaya by Atmosphere in the Maldives.
Published by HT Digital Content Services with permission from VC Circle.