NEW DELHI, Feb 9: SAMHI Hotels today announced acquisition of Ascent Hotels, a part of real-estate and hospitality conglomerate RK Jatia Group, for an undisclosed sum.
Ascent owns the 220-room Hyatt Regency hotel in Pune and also runs 102 serviced apartments.
“With acquisition of Ascent we get a high quality hotel asset in a key metropolitan centre such as Pune and also strengthen our partnership with Hyatt Hotels. Pune has right ingredients for growth and we are confident of leveraging those with a high quality hotel asset,” SAMHI Founder & CEO Ashish Jakhanwala said.
SAMHI had recently announced Rs 441 crore equity investment by Goldman Sachs. It has over 2,500 rooms in 16 operating hotels with a total portfolio of over 4,500 rooms expected by end of 2016.
The company had added six new hotels, including two acquisitions, to its operating portfolio in 2015.
RK Jatia Group Managing Director Adarsh Jatia said the sale of Ascent Hotels is part of the group’s strategy to focus resources and bandwidth on development in Mumbai. Group firm Provenance Land Pvt Ltd is executing a USD 250 million expansion to the Four Seasons Hotel in Mumbai at their 6-acre land-parcel in Worli.
Vascon, which is an existing shareholder in Ascent, will continue to be an investor through convertible debentures.
“We are excited about improvement in performance of Pune hotel market and partnership with SAMHI will help us add value for our shareholders,” Vascon Managing Director R Vasudevan said. (PTI)
Trending Now
E-Paper
Follow our WhatsApp channel