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19 Nov 2024
Ventive Hospitality Pvt Ltd, a joint venture between Panchshil Realty and Blackstone, is preparing to file its initial public offering (IPO) documents to raise Rs 2,000 crore, according to multiple sources.
The joint venture currently manages 17 properties, including 13 core hotels and four mixed-use developments, with 2,036 hotel rooms (keys) in operation and an additional 367 keys under development. The filing of the Draft Red Herring Prospectus (DRHP) could occur as early as Tuesday.
Proceeds from the IPO will be used to expand Ventive's hospitality portfolio. Notably, there will be no secondary share sale by either Blackstone or Panchshil, insiders confirmed.
Upcoming projects for Ventive include a 167-room hotel under the Marriott brand in Varanasi, an 80-room luxury resort called The Ritz-Carlton Reserve in Sri Lanka, and a 120-room expansion of the Marriott Aloft in Bengaluru’s Whitefield.
The IPO is being managed by a consortium of banks including Kotak Mahindra Capital, JM Financial, ICICI Securities, Bank of America, HSBC, Citi, IIFL, and SBICaps. Ventive started as the hospitality division of the Panchshil Group, with Blackstone joining as a joint venture partner in 2017. Panchshil currently holds a 60% stake, while Blackstone owns 40%.
Sources also describe Ventive as the largest hospitality platform promoted by a real estate developer and the third largest in India by EBITDA, following Taj and Oberoi. Its luxury portfolio includes properties such as the JW Marriott and Ritz-Carlton in Pune, as well as Anantara, Conrad, and Raaya by Atmosphere in the Maldives. Ventive also operates Marriott Suites, DoubleTree by Hilton, Oakwood Residences, and Courtyard by Marriott in Pune, along with Marriott Aloft hotels in Bengaluru.
Additionally, the company owns four mixed-use properties in Pune, totaling 3.4 million square feet of leasable space. These include Business Bay, ICC Offices, Panchshil Tech Park, and the ICC Pavilion mall.
In recent times, three hospitality companies have launched IPOs in the Indian market. Juniper Hotels Ltd raised Rs 1,800 crore in February 2024, followed by Apeejay Surrendra Park Hotels Ltd, which raised Rs 920 crore the same month. More recently, SAMHI Hotels Ltd raised Rs 1,370 crore in September 2023, with a portfolio of 31 hotels comprising 4,801 keys.
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