SAMHI Hotels, a hotel ownership and asset management platform, and GIC, a global institutional investor, have partnered to create a high-end hotel investment platform in India. The platform will be seeded with five assets valued at approximately Rs 2,200 crore. The venture is backed by an equity infusion plan of up to $300 million, with GIC acquiring a significant minority stake in the asset-owning special purpose vehicles SPVs.
The five seed assets comprise over 1,000 rooms across Bengaluru and Pune. Properties include Hyatt Regency Pune (301 rooms), Courtyard by Marriott Bengaluru (176 rooms), Fairfield by Marriott Bengaluru (160 rooms), Trinity Hotel Whitefield (142 rooms, to be converted under Marriott’s Tribute Portfolio), and a 220-room Westin Hotel under development.
SAMHI will manage operational and under-development assets within the joint venture. Funds will be deployed towards capital expenditure, strengthening its balance sheet portfolio expansion, and deleveraging existing hotel 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 acted as the financial advisor to SAMHI on this transaction.
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