SAMHI Hotels Limited, has finalised the acquisition of Innmar Tourism and Hotels Private Limited (ITHPL), further strengthening its foothold in Bengaluru. The transaction, valued at approximately Rs 2,050 million, includes a 142-room operational hotel in Whitefield, one of the city’s key commercial hubs. This strategic move adds to SAMHI’s portfolio in Bengaluru, where the company already operates six hotels across various segments.
The acquisition includes plans for expansion, with an additional 200-220 rooms to be developed, taking the total room inventory of the complex to 340-360 rooms. The new development will cater to the Upper Upscale and Upscale segments, with the properties to be managed by a large international operator, currently being finalised. The new 54-room extension to the Holiday Inn Express Bengaluru (Whitefield) is expected to open by the third quarter of FY25.
Commenting on the performance, Ashish Jakhanwala, Chairman & Managing Director, SAMHI Hotels Ltd said, “I am delighted to announce the acquisition of Innmar Tourism and Hotels Private Limited (ITHPL). This transaction aligns with our growth strategy, which focusses on turnaround opportunities in large office and aviation markets. We are confident that with the planned rebranding of the existing hotel and its repositioning in the upscale segment and addition of a second hotel in the upper-upscale segment within the same complex, we would add tremendous value for our Company.”
SAMHI’s growing portfolio in Bengaluru is set to benefit from this acquisition, which marks its second “twin hotel complex” in the city, following its Courtyard by Marriott and Fairfield by Marriott complex on Outer Ring Road. The acquisition is fully funded through SAMHI’s internal accruals, and upon completion, ITHPL will become a wholly owned subsidiary of SAMHI Hotels.
_20241221141542_original_image_49.webp)
_20241221134600_original_image_16.webp)
_20241221125901_original_image_16.webp)