How Many New Hotel Rooms Is Prestige Hospitality Adding?
PRESTIGE HOSPITALITY VENTURES Ltd. is adding 2,509 rooms to its inventory through ongoing and upcoming projects, according to an Economic Times report. The pipeline includes three ongoing projects with 951 keys and nine upcoming projects with 1,558 keys across seven Indian cities.
PVHL, a wholly owned subsidiary of Bengaluru-based Prestige Estate Projects Ltd. that operates luxury, upper upscale, upscale and upper midscale hospitality assets for business and leisure travellers, recently filed a draft red herring prospectus with SEBI to raise Rs 2,700 crore or about $316 million through an IPO.
This makes PVHL one of the largest private hotel asset owners and developers in South India by total key count, the report said. With this expansion, PVHL will have a presence in Bengaluru, Delhi, Goa, Hyderabad, Sakaleshpura, Chennai and Mumbai—markets that account for a large share of India’s hotel room supply and air traffic.
As of Dec. 31, PVHL’s portfolio includes seven operating assets with 1,445 keys, including one under renovation. The assets are Sheraton Grand with 360 keys, JW Marriott Golfshire with 301 keys, Conrad with 285 keys, Techcloud – Moxy with 128 keys, Tribute-Mulberry with 102 keys and Angsana Oasis Spa and Resort with 79 keys, all in Bengaluru. Marriott Executive Apartments, UB City, Bengaluru is under renovation with 190 keys.
The company’s projects are concentrated in India’s top 10 hospitality markets, where demand is driven by business activity, tourism and connectivity. Mumbai, Delhi-NCR, Bengaluru, Goa, Chennai and Hyderabad together accounted for 59 percent of India’s air traffic and 46 percent of hotel key supply in fiscal year 2024. Its location strategy focuses on identifying micro-markets near airports, business districts, industrial areas and tourism zones.
The portfolio includes convention centre hotels, business hotels, extended stay service residences and golf resorts. The company has operating arrangements with brands owned by Marriott International, including St. Regis, Edition Hotels, Resorts & Suites, W Hotels, JW Marriott Hotels & Suites, Marriott Marquis Hotels, Marriott Hotels, Sheraton Hotels & Resorts, Autograph Collection Hotels, Tribute Portfolio Hotels & Resorts, Moxy Hotels, Aloft Hotels and Marriott Executive Apartments. It also partners with global brands such as Conrad by Hilton Worldwide and Angsana Resorts & Spa by Banyan Group.
As of Dec. 31, Prestige has the highest number of keys among operating and pipeline hospitality assets in the Marriott managed portfolio, accounting for 9 percent of the total, the report said.
Rating agency ICRA said India’s hospitality sector is expected to grow 6 to 8 percent this financial year.
