Omkara ARC, led by Manish Lalwani, bought Park Hyatt Hyderabad's non-performing loans (NPLs) at a 34% discount from lenders BlackRock and JM Financial. The luxury hotel, famed for its luxurious facilities and ideal location, secured its INR 450 crore main outstanding debt through a INR 300 crore all-cash transaction. This strategic decision shows Omkara ARC's experience in distressed asset sales and broadens its presence in the hospitality industry. The acquisition is consistent with Omkara ARC's overall strategy of discovering value-driven investments, which positions it as a prominent participant in the industry.
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Omkara ARC, led by Manish Lalwani, has acquired Park Hyatt Hyderabad's non-performing loans (NPLs), securing them at a 34% discount from lenders such as BlackRock and JM Financial. They bought the outstanding debt of INR 450 crore for INR 300 crore, a 34% discount. This was an all-cash deal.
Park Hyatt Hyderabad is a luxury hotel located in the upscale Banjara Hills neighborhood of Hyderabad. It has over 200 rooms, including luxury suites and serviced flats.
The hotel was developed by the renowned Gayatri Group, led by T Subbarami Reddy, in collaboration with Gayatri Hi Tech Hotels. The hotel was developed at a cost of around INR 700 crore. It opened in 2012 with a management contract with global hospitality giant Hyatt Hotels for 25 years. However, it ran into challenges like delays and cost overruns that led to debt restructuring.
This provided an opportunity for Omkara ARC to acquire the hotel's NPLs. With its expertise in distressed asset acquisitions, Omkara ARC seized the opportunity to acquire the NPLs of Park Hyatt Hyderabad, recognizing the immense potential for value creation and revitalization within the hospitality sector by utilizing the hotel's acclaimed reputation and good position to its advantage. They have experience acquiring hotels like JW Marriott in Bengaluru and a Crowne Plaza facility in Pune from Piramal Group.
The deal highlights Omkara ARC's expertise in complex financial deals. It aligns with their strategy of identifying value investment opportunities in hospitality. Going forward, Omkara aims to capitalize on more opportunities in this sector through their experience and network. With a proven track record of success and a commitment to excellence, Omkara ARC continues to solidify its position as a leading player in the realm of distressed asset acquisitions and investment management.
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