SAMHI to sell 35% stake for Rs 752 crore in three subsidiaries to GIC Singapore
NEW DELHI: Singapore's sovereign wealth fund, GIC, is acquiring a 35% stake in three subsidiaries of SAMHI Hotels -- Courtyard & Fairfield by Marriott (Bengaluru ORR), Hyatt Regency Pune and the recently acquired Trinity Hotel in Whitefield, Bengaluru-- for an investment of Rs 752 crore. The total enterprise value of these three subsidiaries stands at Rs 2,200 crore.
SAMHI will be mainly utilising the sale proceeds for paying off its debts. "Rs 603 crore from the deal will be used upfront to reduce the debt across the company's portfolio and a small amount will be used towards deal expenses," the company said.
The balance, 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 expects a Rs 580 crore reduction in debt and a 15-20% upward impact on profit after tax on account of this transaction. 'The transaction follows our stated strategy of capital recycling and will lead to significant reduction in debt and partnership with a global investor of GIC's stature for funding further growth. Net Debt-to-EBITDA at closing < 3.5X; accelerated path to < 3.0X in the next 12 months without compromising on growth,' stated the company.
The company also 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 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.
'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 SAMHI Hotels MD and CEO Ashish Jakhanwala, in a media release on Thursday.
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