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SAMHI Hotels Private Ltd, a hotel asset company that specialises in the development, acquisition and ownership of branded hotels in India has acquired Ascent Hotels Pvt Ltd, owners of Hyatt Regency in Pune, for an undisclosed amount.
Late last month, SAMHI made a joint investment with Marriott International in Marriott’s first integrated property that houses two of its popular brands Courtyard by Marriott and Fairfield by Marriott, in Bengaluru.
The 220-keys Hyatt Regency in Pune along with 102 serviced apartments operated under the same brand will now be a part of the SAMHI portfolio of 16 operating hotels with over 2,500 rooms.
The company has 10 hotels under development, of which six-seven are scheduled to open this year.
“Our strategy is to own hotels in big cities and expand our market share in each city as we grow our portfolio. We will end the year 2016 with 23 operating hotels with over 4,500 rooms” Ashish Jakhanwala, Founder and CEO of SAMHI, told BusinessLine. “With the acquisition of Ascent we get a high quality hotel asset in a key metropolitan centre like Pune. We are looking to acquire hotels in other key markets where we have no presence, such as Chennai, Kolkata and Mumbai,” added Jakhanwala.
Ascent Hotels is owned and managed by real-estate and hospitality conglomerate, RK Jatia Group. Commenting on the acquisition, Adarsh Jatia, Managing Director of RK Jatia Group, said: “The sale of Ascent Hotels reiterates our decision to focus resources and bandwidth on our marquee development in Mumbai. After the success of the Four Seasons Hotel Mumbai, the new project marks the expansion of the Four Seasons’ footprint in India. We are developing two 55 storey towers — The Four Seasons Private Residences, the first branded and serviced hospitality led residential development in Mumbai, which will be ready to launch later this month; and another Four Seasons hotel and serviced apartments tower with a luxury retail component.”
Vascon, which is an existing shareholder in Ascent, will continue to be an investor through convertible debentures.
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