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Brigade Hotel Ventures Limited, the second largest owner of chain-affiliated hotels and rooms in South India among major private hotel asset owners, has filed its Draft Red Herring Prospectus (“DRHP”) with market regulator Securities and Exchange Board of India (“SEBI”). The Company’s initial public offering comprises of a fresh issue of Equity Shares of face value of Rs 10 each aggregating up to Rs 900 Crores.
Brigade Hotel Ventures Limited is the owner and developer of hotels in key cities in India primarily across South India. They are the second largest owner of chain-affiliated hotels and rooms in South India (comprising the states of Kerala, Andhra Pradesh, Tamil Nadu, Karnataka, Telangana, and the Union territories Lakshadweep, Andaman and Nicobar Islands and Pondicherry) among major private hotel asset owners (i.e., owning at least 500 rooms pan India) as of June 30, 2024.
Brigade Hotel Ventures Limited is a wholly-owned subsidiary of Brigade Enterprises Limited which is one of the leading Indian real estate developers in India. BEL entered into the hospitality business in 2004 with the development of their first hotel Grand Mercure Bangalore, which commenced operations in 2009. The company has a have a portfolio of nine operating hotels across Bengaluru (Karnataka), Chennai (Tamil Nadu), Kochi (Kerala), Mysuru (Karnataka) and the GIFT City (Gujarat) with 1,604 keys.
The hotels are operated by global marquee hospitality companies such as Marriott, Accor and InterContinental Hotels Group and are in the upper upscale, upscale, upper-midscale, and midscale segments. The hotels provide a comprehensive customer experience including fine dining and specialty restaurants, venues for meetings, incentives, conferences, and exhibitions (“MICE”), lounges, swimming pools, outdoor spaces, spas, and gymnasiums. The hotels are strategically located in areas with high population density, premium neighbourhoods, commercial centres and IT hubs.
JM Financial Limited and ICICI Securities Limited are the Book Running Lead Managers to the issue.
