Brigade Hotel Ventures Limited, a major private hotel asset owner in South India, has submitted its Draft Red Herring Prospectus (DRHP) to the Securities and Exchange Board of India (SEBI) for its IPO. This IPO aims to raise up to INR 900 crore by issuing new equity shares valued at INR 10 each.
Brigade Hotel owns 500 rooms nationwide
As of June 30, 2024, the company is the second-largest private owner of chain-affiliated hotels and rooms in South India, for owners with portfolios of 500 or more rooms across India. Their properties are mainly in South Indian states like Kerala, Andhra Pradesh, Tamil Nadu, Karnataka, and Telangana, as well as in the Union territories of Lakshadweep, Andaman and Nicobar Islands, and Pondicherry.
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Notably, Brigade Hotel Ventures Limited is a fully-owned subsidiary of Brigade Enterprises Limited (BEL), a big Indian real estate developer that started in hospitality in 2004. BEL opened its first property, Grand Mercure Bangalore, in 2009. Now, Brigade Hotel Ventures runs nine hotels in Bengaluru, Chennai, Kochi, Mysuru, and GIFT City (Gujarat), with a total of 1,604 rooms.
Brigade Hotel partners with Marriott and others for expansion
Furthermore, the company’s hotels are partnered with well-known brands like Marriott, Accor, and InterContinental Hotels Group, offering upscale to midscale options. These hotels feature dining options, MICE venues, lounges, pools, outdoor spaces, spas, and gyms. They are located in busy and important commercial areas.
Meanwhile, JM Financial Limited and ICICI Securities Limited are the main managers for the IPO.
