SAMHI Hotels and GIC announce a JV for upscale and higher hotel assets in India
Live Events
Global institutional investor GIC and branded hotel ownership and asset management platform SAMHI Hotels have entered into a 'strategic partnership' to establish an investment platform for upscale and higher hotel assets in India. The transaction involves three of SAMHI's subsidiaries that own Courtyard & Fairfield by Marriott Bengaluru ORR, Hyatt Regency Pune and recently acquired Trinity Hotel in Bengaluru Whitefield. GIC will acquire a 35% stake in these three subsidiaries against an investment of Rs 752 crore. In disclosures to the BSE, the company said Rs 603 crore will be used upfront to reduce the debt across SAMHI's portfolio and a small amount will be towards deal expenses. Rs 149 crore will be used over next two years to part fund the capital expenditure for the Westin Tribute Portfolio Bengaluru Whitefield dual branded hotel. SAMHI said it expects a Rs 580 crore reduction in debt and a 15-20% upward impact to profit after tax on account of this transaction.The company said the partnership will be incubated with five of SAMHI's hotels with more than 1,000 rooms (the seed assets) valued at Rs 2,200 crore.The hotels include the the Hyatt Regency Pune, with 301 rooms (and upcoming 22 apartments), the Courtyard by Marriott - Bengaluru, ORR with 176 rooms, the Fairfield by Marriott - Bengaluru, ORR with 160 rooms, the Trinity Hotel - Bengaluru, Whitefield with 142 rooms which will be converted as part of Marriott's Tribute Portfolio and an under development 220 rooms Westin Hotel, which is being added to the existing Trinity Hotel in Bengaluru.SAMHI said the investment will be used for capital expenditure, future acquisitions and to reduce leverage across hotels. It will manage all the operational and development assets in the platform.'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 MD and CEO Ashish Jakhanwala Morgan Stanley acted as the exclusive financial advisor to SAMHI on this transaction.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
New Indian Express
an hour ago
- New Indian Express
Tech firm fined Rs 1 lakh for levelling allegations against TN govt official
CHENNAI: The Madras High Court has imposed a cost of Rs 1 lakh on Cognizant Technology Solutions Private Limited for levelling unsubstantiated 'serious allegations' against a top labour department official, a quasi-judicial officer, in connection with an order passed to set aside the termination of an employee of the firm. Justice AD Maria Clete passed the orders while dismissing the petitions filed by the subsidiary of the US-based tech firm challenging the order of the special joint commissioner of labour (JCL), who is the appellate authority. The JCL, by an order dated October 18, 2019, set aside the order of the firm issued on December 21, 2015 to terminate Sivakumar Krishnamurthy, an associate director of the company, from the service on the grounds of under-performance and causing loss to the firm. The JCL also ordered his reinstatement with back wages on an appeal filed by him under the TN Shops and Establishments Act, 1947. The matter was entangled in several litigations as Krishnamurthy filed petitions in the high court seeking to expedite the hearing and disposal, and later, for transferring the matter from the JCL concerned. After the JCL passed the orders, the tech firm moved the high court with petitions challenging the orders and levelled certain allegations and even questioned the official's integrity stating she had favoured the same person who sought transfer of the case. Justice Maria Clete remarked, 'If the allegations made by the petitioner (Cognizant) against the statutory appellate authority are to be taken at face value, it would render it virtually impossible for any authority to discharge its quasi-judicial functions.'
Hans India
an hour ago
- Hans India
Home Minister assures justice to displaced families through R&R package
Anakapalli: Home Minister Vangalapudi Anitha informed that as part of the Relief and Rehabilitation (R&R) package, a layout with all facilities is being facilitated for displaced families who gave lands to set up a bulk drug park and an AM/NS Steel Plant in the district. Holding a meeting with leaders of DL Puram, Rajayyapeta, Buchi Rajupeta, Chandanada, and Vempadu villages of Nakkapalli mandal here on Saturday, the Home Minister mentioned that the district is very conducive to industrial development with its wide coastline and national highway connectivity. The Home Minister said that a bulk drug park and ArcelorMittal Nippon Steel industry will be established in the district. Anitha stated that proposals are being made to set up a toy park in the district, which will provide employment to 25,000 women. Giving importance to the displaced families, the Home Minister said that a layout with all amenities will be set up in an area of 151 acres at Bodhigalam village. She informed that each family is being provided with five cents of land and Rs.9 lakh for construction of a house. The Home Minister said that a total of Rs.693 crore was allotted as an R&R package and Rs.209 crore will be spent on setting up the infrastructure in the layout. Further, Anitha mentioned that facilities like school, Anganwadi centre, community hall, playground will form a part of the layout. It has been identified that there are 289 educated youth in the displaced villages, and they will be given skill development training by spending Rs.30,000 on each youth to get employment. She appealed to the people to cooperate in the government's vision to develop the district and resolve problems in a harmonious manner. The Sarpanches and leaders of the displaced villages brought their issues to the notice of District Collector Vijaya Krishnan and officials of the APIIC and revenue department. Responding to them, the Minister assured them that steps will be taken to resolve them at the earliest. At Uddandapuram village in Payakaraopeta constituency, the Home Minister distributed pensions to the beneficiaries. Visiting one of the residents' houses Govind, the Home Minister made tea and served it to his family members. Later, she inaugurated the second phase of the free gas cylinder distribution programme.
Time of India
an hour ago
- Time of India
New apprenticeship policy to link degrees, raise stipends
Representative image NEW DELHI: Centre has proposed comprehensive reforms to revitalise the apprenticeship ecosystem. Key measures include an inflation-linked hike in stipend rates, from the current Rs 5,000-9,000 to Rs 6,800-12,300, to reduce dropout rates and attract diverse talent. The reforms also formalise Apprenticeship Embedded Degree Programmes (AEDP), enabling apprentices to earn recognised degrees alongside practical training. Additionally, the policy aims to enable global deployment of apprentices at overseas client sites and expand training delivery through digital and virtual platforms. These proposals come amid persistent structural challenges within the apprenticeship framework. An official from ministry of skill development and entrepreneurship (MSDE) said, "The proposed stipend increase is essential to curb dropouts and make apprenticeships viable, especially in sectors like technology, manufacturing, and services where living and commuting costs can be prohibitive." A 2022 parliamentary standing committee report recommended convergence through a unified operational and digital infrastructure. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like No dark spots, 10 years younger! Just take this from Guardian URUHIME MOMOKO Learn More Undo Industry participation, particularly among small and medium enterprises (SMEs), remains limited due to administrative complexity, compliance burdens, and lack of awareness. Regional disparities persist, with only 1.2% of apprentices from the North-East despite targeted benefits. Female participation, while improving, continues to lag behind overall workforce levels. Fragmentation between ministry of education and MSDE - which run National Apprenticeship Training Scheme (NATS) and Pradhan Mantri National Apprenticeship Promotion Scheme (PM-NAPS), respectively - has caused duplication and inefficiencies. "We are developing a unified apprenticeship portal to integrate certification, data sharing, and employer outreach. This will simplify processes, reduce compliance friction, and improve access for both apprentices and employers," the official added. The 38th meeting of Central Apprenticeship Council, chaired by Jayant Chaudhary, minister of state (independent charge), MSDE, recently discussed these proposals and charted a forward-looking policy roadmap. The reforms include targeted inclusion measures for women, persons with disabilities (PwDs), and youth from the northeastern region (NER). The official noted: "Expanding participation from under-represented groups, particularly from the North-East and PwDs, is a key priority. The pilot project launched in Mizoram, providing an additional Rs 1,500 monthly stipend to over 26,000 apprentices, highlights our commitment." Formal regulation of AEDPs will allow apprentices to earn recognised degrees alongside hands-on training, strengthening the link between education and industry needs. "Only 0.27% of India's workforce are apprentices, compared to 3% in the UK and Germany. Attrition rates remain high. Inflation-linked stipends and degree-linked apprenticeships will help reduce attrition and sustain a steady talent supply," said Nipun Sharma, CEO, degree apprenticeship, Team Lease. He also pointed out the low female participation, despite sectors like electronics manufacturing and smartphone assembly preferring female workers. On global deployment plan, the official said, "Allowing apprentices to gain experience at overseas client sites will expose them to international standards and prepare them for a competitive global workforce."
