Piramal Capital and Housing Finance invests Rs 650 crore in SAMHI Hotels

Piramal Capital and Housing Finance (PCHFL), a wholly owned subsidiary of Piramal Enterprises has announced an investment of Rs 650 crore in Gurgaon based hotel development firm SAMHI Hotels. SAMHI owns 29 hotels and is backed by Goldman Sachs. PCHFL said the structured debt investment will allow SAMHI to refinance existing lenders across three assets including The Courtyard and Fairfield by Marriott in Bangalore, the Sheraton in Hyderabad and Hyatt Regency in Pune.

Prior to this, PCHFL had invested Rs 600 crore in Gurgaon based Vatika Group for their Westin Gurgaon and the Westin Sohna properties and Rs 600 crore in Advantage Raheja Group for their JW Marriott, Bangalore and Crowne Plaza, Pune properties.

“The partnership is for three hotels where we are refinancing the existing loans. The refinancing will free up a lot of cash for us for 2018, 2019 and 2020. We have interesting opportunities emerging for acquisition in the hospitality space and we feel this will improve our internal accruals which will help us pursue those growth opportunities,” said Ashish Jakhanwala, founder, and CEO, SAMHI.

PCHFL has also concluded 5 other transactions totaling Rs 450 crore against 5 hotel assets, (three operational and two in final stages of construction) operated by brands like Taj, Hyatt, and Radisson across cities like Bangalore, Hyderabad, Shimla, and Goa, the company said. Of this, Rs 100 crore will be extended as last mile funding towards the completion of the first Taj luxury resort in Himachal Pradesh coming up in Theog, near Shimla.

Taj Theog is a 99 rooms full-service luxury property built over a hilltop of 5 acres and is expected to be operational within the next six to nine months.

Khushru Jijina, MD, PCHFL said ‘it is an opportune time to target the hospitality sector with intelligent capital.’

“As the traditional lenders are unable to provide ‘holistic’ solutions, the expertise of our group and our presence across the capital stack enables us to cater to this industry with unique customized solutions and innovative structures. Over a span of 6 months, we have deployed Rs 2000 crore towards the hospitality sector as we scale our offerings within this vertical to reach a target book size of Rs 10,000 crore in the next three years.”

Source:-https://economictimes.indiatimes.com/industry/services/hotels-/-restaurants/piramal-capital-and-housing-finance-invests-rs-650-crore-in-samhi-hotels/articleshow/65105044.cms

McDonald’s to recycle used cooking oil to power its delivery trucks

Tencent may back Oyo with $2 billion tag

Comments

0