Bengaluru’s hospitality market is buzzing as two hotel acquisition deals were finalized in the city over the past few days. The two deals amounted to INR 4.85 billion ($57.8 million).
SAMHI Hotels acquired Innmar Tourism and Hotels for an enterprise value of INR 2.05 billion ($24.4 million) on Friday. As part of this deal, SAMHI also acquired the 142-room Trinity Hotel in the Whitefield area of Bengaluru. The complex has the opportunity to add a second hotel with 200-220 rooms. The deal was facilitated by real estate services company JLL.
On Monday, Juniper Hotels said in an exchange filing that it entered into a loan agreement with ICICI Bank for INR 2.8 billion ($33.3 million). The loan is meant to acquire a 220-key hotel asset situated near the Bengaluru airport from Twenty Fourteen Hotels. The property, spread across 6.5 acres of land, is designed to be a five-star hotel.
The Driving Factors: JLL India managing director for hotels and hospitality group Jaideep Dang told Skift that the acquisition comes on the back of increasing demand for office spaces. A lot of companies are placed in Bengaluru and are further populating the city. Because of that, there is a growing demand for hotel rooms, he said.
“The main reason driving the hotel sector in Bengaluru is the business demand. It mainta