SAMHI Hotels shares shoot up 13% on Rs 2,200 cr JV with GIC
SAMHI Hotels surged 13% after announcing a Rs 2,200 crore joint venture with GIC to invest in upscale hotel assets. The partnership begins with five key properties in Bengaluru and Pune. Funds will be used for expansion and debt reduction, with SAMHI continuing operational control and strategic growth execution.
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Hyatt Regency, Pune (301 rooms, with 22 additional apartments under development)
Courtyard by Marriott, Bengaluru, Outer Ring Road (176 rooms)
Fairfield by Marriott, Bengaluru, ORR (160 rooms)
Trinity Hotel, Bengaluru, Whitefield (142 rooms, to be converted under Marriott's Tribute Portfolio)
A 220-room Westin Hotel under development in Bengaluru, being added to the existing Trinity property
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Shares of SAMHI Hotels shot up by 13% to an intraday high of Rs 196.90 on the BSE on Thursday after the company announced a strate gic partnership with global investment firm GIC to set up a Rs 2,200 crore investment platform for upscale and higher-end hotel assets in India.The partnership, structured as a joint venture , will begin with five hotel assets owned by SAMHI Hotels with a combined inventory of over 1,000 rooms.As part of the deal, GIC will acquire a significant minority stake in the underlying special purpose vehicles (SPVs) housing these assets.The selected 'Seed Assets' are located in key high-density office micro-markets in Bengaluru and Pune, which offer favorable demand dynamics and limited new supply. The hotels include:The total value of these assets has been pegged at approximately Rs 2,200 crore. SAMHI Hotels stated that the funds will be used for capital expenditure, future acquisitions, and reducing leverage across its portfolio. SAMHI will continue to manage the operational and developmental aspects of the assets within the platform.Also read: HUL Q4 Results: PAT rises 4% YoY to Rs 2,493 crore, revenue up 2% 'We are pleased to announce this transformational partnership with GIC. We have a strong track record in the hotel sector in India and GIC brings unparalleled institutional capabilities for us to benefit from. In addition to helping us strengthen our balance sheet, this partnership gives us tremendous firepower to grow our portfolio,' said Ashish Jakhanwala, CEO & Managing Director of SAMHI.Morgan Stanley acted as the exclusive financial advisor to SAMHI on this transaction.This partnership is expected to further strengthen SAMHI's balance sheet and accelerate its growth through its signature 'category conversion' strategy, which focuses on repositioning and upgrading hotel properties to global standards.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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