Piramal to invest Rs 6.5 bn as structured debt in hotel operator Samhi Noor Arora
Piramal Capital & Housing Finance, a unit of Piramal Enterprises, said on Monday that it will invest Rs 6.5 billion in Gurugram-based hotel operator Samhi Group. The Samhi Group owns about 29 hotels. This structured debt investment will allow Samhi Group to support its growth plans and refinance existing lenders across three assets -– The Courtyard and Fairfield by Marriott in Bangalore, the Sheraton in Hyderabad and the Hyatt Regency in Pune, Piramal said in a release. This is the third major investment made by Piramal in the hospitality sector over last six months. Prior to this, it had invested Rs six billion with the Gurugram-based Vatika Group and Rs six billion with Advantage Raheja Group. Piramal has also concluded five other transactions, totalling to Rs 4.5 billion against five hotel assets, operated by top tier brands such as Taj, Hyatt, and Radisson, across regions like Bengaluru, Hyderabad, Shimla and Goa. Of this, Rs one billion will be extended as last-mile funding towards completion of the first Taj Luxury Resort in Himachal Pradesh coming up in Theog, near Shimla.
ARTICLE SOURCE: BS