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• Ventive Hospitality has filed a DRHP with SEBI for an IPO comprising a fresh issue of up to INR 20,000 million.
• The company operates 11 hospitality assets with 2,036 keys across Pune, Bengaluru and the Maldives.
• Its portfolio includes hotels such as JW Marriott Pune, The Ritz-Carlton Pune and Conrad Maldives.
• Ventive Hospitality also owns four Grade A annuity office assets in Pune spanning 3.40 million sq ft.
Ventive Hospitality Limited has filed a draft red herring prospectus with the Securities and Exchange Board of India for an initial public offering comprising a fresh issue of equity shares aggregating up to INR 20,000 million, marking the proposed public listing of the hospitality platform backed by Panchshil Realty and affiliates of Blackstone. Advertisement
The company stated in its DRHP that it operates a hospitality-led integrated real estate platform with a portfolio of luxury, upper upscale and upscale hospitality assets across Pune, Bengaluru and the Maldives, in addition to commercial office and retail properties in Pune.
As of 31 March 2024, Ventive Hospitality’s operational hospitality portfolio comprised 11 assets with 2,036 keys, including seven developed properties with 1,331 keys and four acquired hospitality assets with 705 keys. The company stated that it added 1,070 keys since 2019, accounting for more than half of its current hospitality inventory.
The operational portfolio includes JW Marriott Pune with 415 keys, The Ritz-Carlton Pune with 198 keys, Marriott Suites Pune, Courtyard by Marriott Pune, DoubleTree by Hilton Pune, Oakwood Residences Pune and two Marriott Aloft properties in Bengaluru. International hospitality assets include Conrad Maldives Rangali Island, Anantara Maldives and Raaya by Atmosphere Maldives.
The company has also outlined three hospitality projects under development comprising a proposed 167-key hotel in Varanasi under a non-binding memorandum of understanding with Marriott, a 120-key expansion at Marriott Aloft Whitefield in Bengaluru and an 80-key luxury project in Pottuvil, Sri Lanka under a proposed Ritz-Carlton Reserve brand arrangement.
Alongside hospitality operations, Ventive Hospitality owns four stabilised Grade A annuity assets forming part of integrated mixed-use developments in Pune with a total leasable area of 3.40 million sq ft and committed occupancy of 97.04% as of March 2024. The commercial portfolio includes Business Bay Pune, ICC Offices Pune, ICC Pavilion Pune and Panchshil Tech Park Pune.
According to the DRHP, more than 80% of the leasable area within the office portfolio was leased to multinational corporations as of March 2024, with tenants including HSBC, Deutsche Bank, Nokia, Vodafone, PwC, Sephora, Starbucks and Vero Moda.
The company stated that its p+romoters include Atul I Chordia, entities affiliated with Panchshil Realty and Blackstone-linked entities BRE Asia ICC Holdings Ltd and BREP Asia III India Holding Co VI Pte Ltd. Ventive Hospitality noted that Blackstone became a shareholder in the platform in 2017 following acquisition of Xander Investment Holding XVI Limited.
Ventive Hospitality, formerly known as ICC Realty (India) Private Limited, changed its name to Ventive Hospitality Limited in 2024 ahead of the proposed public issue.
Sources: Ventive Hospitality
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