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Wyndham's India partner picks majority stake in Kolkata hotel

Monday, August 28, 2017, 10:30 Hrs  [IST]
HBI Staff | Mumbai

According to a DNA report, Unique Mercantile India, an exclusive development partner for global hospitality major Wyndham Hotel Group in India, has acquired a majority stake in a soon-to-be-operational hotel owned by Platinum World Hospitality in West Bengal.

Industry sources told that the Ahmedabad-based company has concluded the deal and will be launching the 90-room hotel at Rajarhat, Kolkata, under the upscale mid-market brand Howard Johnson (popularly known as HoJo) soon.

"Unique Mercantile India has made a strategic investment to acquire majority shares of a 90-room hotel project, which is at a very advanced stage of development. The share purchase agreement has been signed with Platinum World Hospitality that owns the hotel asset strategically located in Rajarhat New Town near Netaji Subhas Chandra Bose International Airport, Kolkata," said sources familiar with the development, adding that the hotel will commence operations in next 30 days.

According to sources, the market value of the hotel is in the INR 90 Crore range. Unique Mercantile, it is understood, has picked up stake in excess of 80 per cent, thus paying upwards of INR 72 Crore for acquiring the majority stake.

The Mumbai-based hospitality-focused research and advisory firm Noesis Capital Advisors was instrumental in stitching this deal. When contacted, Nandivardhan Jain, CEO, Noesis Capital Advisors, confirmed the development. "The deal has been signed and sealed," said Jain.

On characteristics of the Kolkata hospitality market in connection with this deal, Jain said that there is a limited supply of quality rooms as compared to existing demand.

"Key reasons for limited supply are high land and finance cost and lead time required for approvals. The additional supply in close vicinity to Kolkata airport will benefit business and leisure travellers. This project is in one of the most established micro markets and will be positioned as a transit hotel," said Jain, adding that its immediate competition will be with operational hotels like Holiday Inn and Swissotel.

To be owned and operated under Unique Global Hotels, a hospitality venture of Unique Mercantile India Pvt Ltd, HoJo Kolkata will be its third operational property in the country – it already has one operational property at Udaipur under the Ramada brand and another hotel operational at Hebbal, Bengaluru, under the Howard Johnson brand.

(Source: dnaindia.com)

 
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