- Shree Naman acquired two hotels for $189.4 million.
- NCLT approved the transaction on Sept. 3.
- It has five hotels with 1,000 rooms.
The transaction was completed on Oct. 1, following National Company Law Tribunal approval on Sept. 3. JW Marriott Bengaluru overlooks Cubbon Park near UB City, while Crowne Plaza Pune City Center is on Bund Garden Road, Shree Naman said in a statement.
“JW Marriott Bengaluru and Crowne Plaza Pune are well-established hotels in exceptional locations,” said Harsh J Shah, Shree Naman’s director. “Over the coming years, we see opportunities to enhance both properties and strengthen their appeal to business and leisure travelers, while continuing to expand our hospitality portfolio through strategic acquisitions and new developments.”
The acquisitions bring the group’s operating portfolio to five hotels with approximately 1,000 rooms in three cities. It aims to grow its portfolio to at least 2,500 rooms over the next five years through hotel acquisitions and new developments.
Shree Naman has a development pipeline of 650 to 700 rooms across three projects. These include developments in Goa, a resort near Pavana Lake and an expansion of Sofitel Mumbai BKC. The group’s portfolio also includes Lemon Tree Hotel Kalina BKC and ibis Mumbai BKC.
Separately, affiliates of Brigade Group will develop two Hyatt Regency hotels with 600 rooms in Bengaluru.
