Hospitality firm SAMHI Hotels Pvt Ltd has acquired the 156-room Ganesh Meridian hotel from Ahmedabad-based Shree Siddhi Group.
Inaugurated in May 2015, Ganesh Meridian is a five-star property will be rebranded with an international upscale brand shortly, according to a press statement.
The hotel will be SAMHI’s third property in Ahmedabad, after Four Points by Sheraton and Formule 1.
Leading real estate investment and advisory firm, Jones Lang LaSalle (JLL) assisted the firms for concluding the deal.
"We are delighted to have been exclusive advisors to this significant hospitality transaction, and to be a part of the hospitality M&A space which has seen more deals taking place in the current year than in any single year over the last six to seven years. This augurs well for the industry that has witnessed a severe slow- down, and confirms renewed investor interest in hospitality-related investments," said Mandeep Lamba, Managing Director - India, Hotels & Hospitality Group, JLL.
Founded by Ashish Jakhanwala and Manav Thadani SAMHI raised around $21 million from the World Bank arm IFC via convertible debentures last year. It also raised Rs 126 crore from founders and existing investors like GTI Capital and Equity International. In 2012, SAMHI had raised $100 million from Equity International and GTI Capital. Of this, $75 million came from Equity International.
BW Reporters
The author is Senior Correspondent with BW Businessworld
