Branded hotel ownership and asset management platform SAMHI has successfully finalized the Share Purchase Agreement (“SPA”) for the acquisition of Innmar Tourism and Hotels Private Limited (“ITHPL”).
The͏͏ company͏͏ mentioned͏͏ that͏͏ this͏͏ acquisition͏͏ includes͏͏ an͏͏ operating͏͏ hotel͏͏ with͏͏ 142͏͏ rooms͏͏ located͏͏ in͏͏ Whitefield,͏͏ Bengaluru.͏͏ Additionally,͏͏ there͏͏ is͏͏ potential͏͏ for͏͏ expansion͏͏ to͏͏ include͏͏ a͏͏ second͏͏ hotel͏͏ with͏͏ 200-220͏͏ rooms,͏͏ increasing͏͏ the͏͏ total͏͏ inventory͏͏ of͏͏ the͏͏ complex͏͏ to͏͏ 340-360͏͏ rooms͏͏ in͏͏ the͏͏ Upper͏͏ Upscale͏͏ and͏͏ Upscale͏͏ segments.
Six͏͏ hotels now͏͏ under͏͏ SAMHI management:
The͏͏ company͏͏ currently͏͏ owns͏͏ and͏͏ operates͏͏ six͏͏ hotels͏͏ with͏͏ a͏͏ total͏͏ of͏͏ 9,181͏͏ rooms͏͏ in͏͏ Bengaluru͏͏ across͏͏ various͏͏ segments.͏͏ The͏͏ completion͏͏ of͏͏ this͏͏ acquisition͏͏ will͏͏ immediately͏͏ add͏͏ 142͏͏ rooms,͏͏ with͏͏ an͏͏ additional͏͏ 200͏͏ to͏͏ 220͏͏ rooms͏͏ being͏͏ added͏͏ over͏͏ time.͏͏ The͏͏ two͏͏ hotels͏͏ will͏͏ be͏͏ managed͏͏ under͏͏ Upper͏͏ Upscale͏͏ and͏͏ Upscale͏͏ brands,͏͏ which͏͏ are͏͏ being͏͏ finalized͏͏ with͏͏ a͏͏ major͏͏ international͏͏ operator.
The͏͏ company͏͏ noted͏͏ that͏͏ this͏͏ will͏͏ be͏͏ the͏͏ second͏͏ “twin͏͏ hotel͏͏ complex”͏͏ owned͏͏ by͏͏ SAMHI,͏͏ with͏͏ the͏͏ first͏͏ being͏͏ the͏͏ 336-room͏͏ Courtyard͏͏ by͏͏ Marriott͏͏ and͏͏ Fairfield͏͏ by͏͏ Marriott͏͏ located͏͏ on͏͏ Outer͏͏ Ring͏͏ Road͏͏ (ORR)͏͏ in͏͏ Bengaluru.
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ITHPL͏͏ becomes͏͏ wholly͏͏ owned͏͏ subsidiary:
The͏͏ purchase͏͏ price͏͏ for͏͏ this͏͏ acquisition͏͏ is͏͏ set͏͏ at͏͏ INR͏͏ 2,050͏͏ million͏͏ (Enterprise͏͏ Value),͏͏ adjusted͏͏ for͏͏ net͏͏ current͏͏ assets,͏͏ including͏͏ cash͏͏ and͏͏ other͏͏ working͏͏ capital.͏͏ After͏͏ this͏͏ transaction,͏͏ ITHPL͏͏ will͏͏ become͏͏ a͏͏ wholly͏͏ owned͏͏ subsidiary͏͏ of͏͏ SAMHI͏͏ Hotels͏͏ Ltd.͏͏ The͏͏ acquisition͏͏ is͏͏ fully͏͏ funded͏͏ through͏͏ the͏͏ company’s͏͏ internal͏͏ accruals.
Ashish͏͏ Jakhanwala,͏͏ Chairman͏͏ and͏͏ Managing͏͏ Director͏͏ of͏͏ SAMHI͏͏ Hotels͏͏ Ltd,͏͏ stated͏͏ that͏͏ the͏͏ transaction͏͏ aligns͏͏ with͏͏ the͏͏ company’s͏͏ growth͏͏ strategy,͏͏ which͏͏ emphasizes͏͏ turnaround͏͏ opportunities͏͏ in͏͏ major͏͏ office͏͏ and͏͏ aviation͏͏ markets.
“We͏͏ believe͏͏ that͏͏ the͏͏ planned͏͏ rebranding͏͏ of͏͏ the͏͏ existing͏͏ hotel,͏͏ along͏͏ with͏͏ its͏͏ repositioning͏͏ in͏͏ the͏͏ upscale͏͏ segment͏͏ and͏͏ the͏͏ addition͏͏ of͏͏ a͏͏ second͏͏ hotel͏͏ in͏͏ the͏͏ upper-upscale͏͏ segment͏͏ within͏͏ the͏͏ same͏͏ complex,͏͏ will͏͏ significantly͏͏ enhance͏͏ value͏͏ for͏͏ our͏͏ company,”͏͏ he͏͏ added.