Newly formed Samhi Hotels Pvt. Ltd has raised about $75 million (Rs. 370 crore) from Chicago-based Equity International (EI) to build or acquire economy and mid-market hotels in India.
The Gurgaon-based hospitality firm, formed in early 2011, already has commitments for $30 million from Marriott International Inc., with which it has a joint venture for developing the US hotel operator’s Fairfield network in India, and another $25 million from GTI Capital Group.
“So total equity capital to Samhi and its subsidiaries is $130 million. We expect this to increase by the yearend,” managing director and chief executive Ashish Jakhanwala said
Samhi has commenced work on four hotels in Bangalore and Gurgaon—three Fairfields and one Hyatt Place, both global mid-market brands.
Analysts say the mid-market hotel space is a hotspot for hospitality companies in India. Of the 102,000 hotel rooms to come up in India in five years, 52-53% will be in the mid-market and budget categories.
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