NEW DELHI: SAMHI Hotels has executed the share purchase agreement for the acquisition of Innmar Tourism and Hotels (ITHPL) for about Rs 2,050 million. Following this transaction, ITHPL will become a wholly-owned subsidiary of the company.
The acquisition is being completely funded from the company’s internal accruals.
Ashish Jakhanwala, chairman & managing director of the company, “This transaction aligns with our growth strategy, which focuses on turnaround opportunities in large office and aviation markets.”
The acquisition includes an operating hotel featuring 142 rooms in Whitefield, Bengaluru. There is further expansion opportunity to add a second hotel with 200-220 rooms and take the total inventory of the complex to 340-360 rooms in the Upper Upscale & Upscale segment.
Currently, it owns and operates six hotels with 9,181 rooms in Bengaluru across segments.
