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International Finance Corp (IFC), a member of the World Bank Group, will invest $21 million in SAMHI Hotels through compulsorily convertible debentures.
This is IFC’s first investment in the hospitality sector in India and will increase the country’s capacity in the affordable and mid-market hotel segment, create jobs, and promote energy-efficient hotel design and construction, IFC said in a statement on Tuesday.
SAMHI, a hotel ownership and asset management focused company, has seven operational hotels in Greater Noida, Ahmedabad, Bangalore, Hyderabad, and Pune. IFC’s financing will create 2,600 jobs across the company’s various hotel projects in India and of these, nearly 800 jobs will be for women, the statement added.
Ashish Jakhanwala, Managing Director and CEO, SAMHI Hotels, said, “Besides providing long-term financing, IFC will help us formulate environmental and social standards, and adopt green building design principles.”
With this third round of funding, SAMHI will expand its portfolio by developing greenfield hotels and through acquisitions in tier I and II cities.
Globally, IFC has funded $2 billion to over 270 hotel projects.
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