Friday, October 4, 2024 SAMHI Hotels Limited (BSE: 543984) a leading platform for branded hotel ownership and asset management in India, is excited to announce the successful completion of its Share Purchase Agreement (SPA) for the acquisition of Innmar Tourism and Hotels Private Limited (ITHPL). This acquisition includes a fully operational hotel with 142 rooms located in Whitefield, Bengaluru, one of India’s major commercial hubs. Additionally, there is potential to expand with the construction of a second hotel, offering 200-220 rooms, bringing the total capacity of the complex to 340-360 rooms in the Upper Upscale and Upscale segments.
With this acquisition, SAMHI further strengthens its presence in Bengaluru, the country’s largest and fastest-growing office market. The company already manages six hotels in the city, offering a total of 918 rooms across various segments. This acquisition will immediately add 142 rooms, with plans for an additional 200-220 rooms in the future.
Both hotels will operate under Upper Upscale and Upscale brands, which are being finalized with a prominent international operator. Based on the strong performance of SAMHI’s Upper Upscale and Upscale properties, the expanded 340-360 room complex in Whitefield, Bengaluru is expected to enhance same-store growth within the company’s existing portfolio once renovations and expansions are complete. This will be SAMHI’s second twin hotel complex, following the 336-room Courtyard by Marriott and.
