Ozone Group arm sells 175-room Bengaluru hotel for ₹150 cr

Hansoge Enterprises, part of the Ozone Group, has sold a boutique hotel near Bengaluru International Airport in an estimated Rs 150-crore deal.

The effective deal rate for the 175-room, 1.5 lakh sq ft mid-scale hotel is around Rs 10,000 per sq ft.

Colliers, the adviser to the deal, said its team had collaborated with JC Flowers Asset Reconstruction Company, trustee and the bank. It did not disclose the name of the buyer.

“Colliers India played a pivotal role in providing an exit strategy for the promoters seeking to liquidate the asset and fulfilling the aspirations of the buyers aiming to establish a presence in the bustling metro location,” the property consultant said.

Hansoge executes hotel projects of the Ozone group, which has properties in Bengaluru, Coorg, Kabini and Chikmagalur.

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“It was an intricate deal with several complexities, considering the involvement of asset reconstruction company and banker along with seller and buyer; our team with in-depth understanding of issues could navigate and get to successful closure,” said Piyush Gupta, Managing Director, Capital Markets and Investment Services, Colliers India.

The Covid pandemic hit the hospitality sector severely as lockdowns with restrictions on travel left many hotels empty. Forced to pay statutory dues and salaries, many were driven to bankruptcy and shutdown. The hospitality sector is now seeing a strong rebound, with people travelling more than ever before.

“The hospitality sector in India has demonstrated a promising potential and is headed towards exponential growth with increasing tourism, business travels, and appetite for better lifestyle,” said Gupta.

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