Hansoge Enterprises has sold an under-construction hotel spread over 150,000 square feet in Bengaluru to a wealthy individual for an estimated Rs 150 crore, two people aware of the deal said.
The mid-scale boutique hotel Will have a total of 175-room property is located near the Bengaluru airport and is expected to be completed by the end of 2024.
The promoters wanted to liquidate the asset, said the people. They did not name the buyer.
The property was part of Rs 48,000 crore of stressed assets NPA transfer that Yes Bank transferred to JC Flowers Asset Reconstruction in 2022 under a deal for Rs 11,183 crore.
Diversified real estate services provider Colliers India facilitated the sale of the hotel.
“It was an intricate deal with several complexities, considering the involvement of the asset reconstruction company and banker, along with the seller and buyer,” said Piyush Gupta, managing director, Capital Markets & Investment Services, Colliers India.
The hospitality sector in India is headed towards strong growth with increasing tourism, business travel, and an appetite for a better lifestyle, according to experts.
Colliers’ capital markets and investment services business recently ventured into the hospitality segment, given the sector’s resilience after taking a hit during and after the pandemic.
According to industry estimates, around 59 hotels comprising 4,669 keys were signed by multiple hotel operators in the third quarter of 2023. In that quarter, the average daily rate rose 15.6% from a year earlier, resulting in a 15.1% increase in revenue per available room.
