Samhi Hotels Ltd. announced on Friday that its board has approved the acquisition of Innmar Tourism and Hotels Pvt. Ltd., a Bengaluru-based hotel operator, for Rs 205 crore. According to a regulatory filing, Samhi Hotels will purchase 100% of Innmar Tourism’s share capital, acquiring a total of 84,37,500 shares, each with a face value of Rs 10.
The acquisition will be executed “for an enterprise value of approximately Rs 205 crore, adjusted for net working capital, including cash, from the existing shareholders.” The transaction is expected to be completed by October 4, 2024.
The move provides Samhi Hotels with a strategic foothold in Bengaluru’s upscale hotel market. Innmar Tourism owns and operates a 142-room hotel in Whitefield, one of Bengaluru’s key business districts. Additionally, the company holds surplus land for developing another 200-220 rooms in the upper upscale segment, as outlined in the filing.
Incorporated in 2003, Innmar Tourism has shown significant financial growth, with consolidated turnover rising from Rs 2.9 crore in FY 2022 to Rs 24.2 crore in FY 2023, and Rs 24.7 crore in FY 2024.
