Piramal Capital & Housing Finance (PCHFL), a part of Piramal Enterprises, has invested ₹650 crore as structured debt in hotel chain Samhi Group. This is also the company’s third major investment in the hospitality segment over the last six months.
Khushru Jijina, Managing Director, PCHFL, said: “We believe that this is an opportune time to target the hospitality sector with intelligent capital. As the traditional lenders are unable to provide holistic solutions, the expertise of our group and our presence across the capital stack enables us to cater to this industry with customised solutions and innovative structures.”
He further added that in the last six months the company has deployed ₹2,000 crore towards the hospitality sector, and the plan is to reach a target book size of ₹10,000 crore in the next three years.
PCHFL, through the structured debt investment, will help the Gurgaon-based hospitality major to support their growth plans and refinance existing lenders across three assets – The Courtyard and Fairfield by Marriott in Bangalore, the Sheraton in Hyderabad, and the Hyatt Regency in Pune.
Prior to Samhi Group, PCHFL invested over ₹600 crore in Gurgaon-based Vatika Group (against the Westin Gurgaon and the Westin Sohna) and ₹600 crore with Advantage Raheja Group (against JW Marriott, Bangalore, and the Crowne Plaza, Pune) by means of loans through operational assets.
PCHFL has also concluded five other transactions totalling ₹450 crore against five hotel assets (three operational and two in the final stages of construction and fit-out) operated by top-tier brands such as Taj, Hyatt and Radisson across Bengaluru, Hyderabad, Shimla and Goa. Of this, ₹100 crore will be extended as last-mile funding towards completion of the first Taj Luxury Resort in Himachal Pradesh coming up in Theog, near Shimla, which is expected to be operational within the next six to nine months.