Hotel development and investment firm SAMHI Hotels has acquired Hyatt Regency in Pune from RK Jatia Group-owned Ascent Hotels for an estimated Rs 350 crore. The acquisition will be funded through a mix of debt and equity, Ashish Jakhanwala, founder and CEO of Gurgaon-based SAMHI, told ET without divulging the deal size. Opened in 2012 within Weikfield IT Park, Hyatt Regency Pune is a five-star property with 222 rooms and 102 fully serviced luxury apartments. It will be SAMHI’s third property in Pune, after two Formule 1 branded hotels. The Hyatt property is owned by Ascent Hotels Pvt Ltd, a joint venture between Jatia Group, with 81% holding, and Pune-based Vascon Engineers, with 19% holding. SAMHI has fully acquired the joint venture, including its debt obligations. Vascon will continue to be an investor through convertible debentures. Industry experts said the deal would be worth about Rs 350 crore. Jakhanwala said the pro .. Read more at: http://economictimes.indiatimes.com/articleshow/50910355.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
Source: Economic TimesSAMHI Hotels buys Pune Hyatt Regency for Rs 350 crore.
Industry: Hotel 2016-02-09
