SAMHI Hotels has entered a share purchase agreement to acquire Innmar Tourism and Hotels (ITHPL) for approximately INR 2,050 million, fully funded through internal reserves. Following the acquisition, ITHPL will become a wholly-owned subsidiary of SAMHI. The deal includes a 142-room operational hotel in Whitefield, Bengaluru, with the potential to expand by adding 200-220 more rooms. SAMHI's chairman, Ashish Jakhanwala, emphasised that the acquisition aligns with the company's growth strategy, focused on key office and aviation markets. SAMHI currently owns six hotels with 9,181 rooms, further strengthening its presence in Bengaluru's hospitality market.
SAMHI Hotels has signed a share purchase agreement to acquire Innmar Tourism and Hotels (ITHPL) for approximately INR 2,050 million. Following the completion of this transaction, ITHPL will become a wholly-owned subsidiary of SAMHI Hotels. The acquisition is entirely funded through the company's internal financial reserves.
Ashish Jakhanwala, chairman and managing director of SAMHI Hotels, stated that this acquisition aligns with the company's growth strategy, which is focused on identifying turnaround opportunities in major office and aviation markets. Jakhanwala highlighted that the acquisition would contribute to the company's long-term growth and further strengthen its position in key markets.
The acquisition includes a hotel located in Whitefield, Bengaluru, which currently has 142 operational rooms. There is also a significant expansion opportunity within the same complex, where a second hotel with 200-220 rooms can be developed. This would increase the total room capacity of the complex to between 340 and 360 rooms, catering to the Upper Upscale and Upscale market segments.
SAMHI Hotels already owns and operates six hotels with a total of 9,181 rooms in Bengaluru, across various market segments. The newly acquired property in Whitefield is seen as a valuable addition to SAMHI's growing portfolio of hotels in the city, offering potential for further development and increased market share in the hospitality industry.
The company's focus on expanding its presence in key urban centres is reflected in this acquisition, as Bengaluru remains one of the most vibrant and competitive hotel markets in India. Whitefield, in particular, is a hub for business and technology firms, making it an attractive location for both corporate and leisure travellers.
By adding this new asset to its portfolio, SAMHI Hotels intends to tap into the growing demand for high-quality accommodation in Bengaluru. The company believes that the expansion of the Whitefield property will further solidify its reputation as a leading player in the hotel industry, catering to both business and tourism sectors.
Overall, SAMHI's acquisition of ITHPL and the associated hotel in Whitefield marks another step in the company's strategic efforts to enhance its portfolio and capitalise on growth opportunities in key markets. With plans for further expansion and a clear focus on key segments, the company continues to build its presence in the Indian hospitality sector.
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