SAMHI Hotels announced the sale of its wholly-owned subsidiary, Duet India Hotels (Duet Chennai OMR), to Greenpark Hotels and Resorts. The deal, finalized on February 10, 2025, is valued at approximately Rs 53.5 crore, representing the enterprise value of the Chennai property.
The transaction is expected to be completed on or before April 1, 2025. SAMHI Hotels clarified that Greenpark Hotels and Resorts is not related to its promoter, promoter group, or group companies.
Duet Chennai OMR was acquired as part of the ACIC portfolio transaction in August 2023 and owns the 116 rooms at Four Points by Sheraton, Chennai OMR.
In August 2023, SAMHI had announced the completion of acquisition of 6 hotel properties of ACIC comprising a total of 962 rooms in cities like Pune, Hyderabad, Chennai, Ahmedabad and Jaipur. The portfolio consisted of 3 Fairfield by Marriott and 3 Four Points by Sheraton.
Duet Chennai OMR contributed marginally to SAMHI's consolidated financials, representing less than 1% of the group's revenue in the fiscal year 2023-24. The subsidiary also had a negative impact (-1.19%) on SAMHI's consolidated net worth during the same period.
For the nine-month period ending 31 December 2024, Duet Chennai OMR reported a total revenue of Rs 11 crore, EBITDA of Rs 2.3 crore and a net loss of Rs 3.3 crore.
Ashish Jakhanwala CEO & managing director said, "We are pleased to announce this transaction, which is part of our asset recycling strategy. We are very excited about the progress of our new developments in Hyderabad, Bengaluru and Pune which will help us transform ourportfolio and this transaction on immediate basis reduces our debt and allows us to redirect capital in these core markets for superior returns."
SAMHI Hotels is a branded hotel ownership and asset management platform in India. SAMHI has long-term management arrangement with three of the established and well recognized global hotel operators, namely, Marriott, IHG and Hyatt. SAMHI has a portfolio of 32 operating hotels comprising 4,943 keys and has a diverse geographic presence in 13 cities across India, including National Capital Region (NCR), Bengaluru, Hyderabad, Chennai and Pune.
On a consolidated basis, Samhi Hotels reported net profit of Rs 22.79 crore in Q3 December 2024 as against net loss of Rs 74.42 crore in Q3 December 2023. Net sales rose 10.43% year-on-year to Rs 295.77 crore in Q3 December 2024.