DB Realty to acquire stakes in 3 hotels for Rs 2,300 crore

27 Sep 2023 CW Team

DB Realty has announced its entry into separate share purchase agreements, with plans to acquire shares in Bamboo Hotel Global Centre (Delhi), Goan Hotels & Realty, and BD And P Hotels (India) for a combined sum of Rs 2,300 crore. The company disclosed this development in a filing with the BSE.

Bamboo Hotel Global Centre, a joint venture between Prestige Hospitality Ventures and Marine Drive Hospitality & Realty (MDHRPL), is currently engaged in the construction of an upscale hotel complex in Aerocity, New Delhi. This complex will include the renowned St. Regis and Marriott Marquis hotels, offering a total of 990 rooms, along with an extensive conferencing facility spanning 200,000 sq. ft. Additionally, it will feature approximately 6.15 lakh sq ft of leasable office and business center space.

The property is leased to Bamboo Hotel by Delhi International Airport (DIAL) for a comprehensive period of 57 years, inclusive of a 30-year lease extension. The total built-up area of this prestigious project amounts to approximately 3.3 million sq ft.

DB Realty's acquisition plan involves the purchase of 10,10,000 Class A equity shares, which represents roughly 50% ownership, from the current shareholders of Bamboo Hotel. Of these shares, 7,67,600 Class A equity shares will be procured from MDHRPL, an entity in which the company holds a 15.53% equity share capital, and 74.93% equity share capital is held by promoters, promoter group, key management personnel, their relatives, and enterprises controlled by them. The remaining 2,42,400 Class A equity shares will be acquired from Goan Hotels & Realty (GHRPL), a wholly-owned subsidiary company of MDHRPL. The total consideration for the acquisition of these 10,10,000 Class A equity shares amounts to Rs. 608.88 crore.

This strategic move signifies DB Realty's entry into the upscale hospitality sector and showcases its commitment to expanding its real estate portfolio with prestigious and high-value assets.

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