Hansoge Enterprises sells 175-room boutique hotel for Rs 150 cr in a deal with JC Flowers and YES Bank
Hansoge Enterprises has sold a hotel asset spread over 1.5lakh sft in the city in a deal estimated to be around Rs 150 crore to an ultra-high net worth individual.
The midscale boutique 175-room property is located near Bangalore International Airport and is expected to be completed by the end of 2024.
The asset was with JC Flowers, an Asset Reconstruction Company(ARC), the Trustee, and the Bank.
“Focused on meeting the business needs of both parties involved, the exit strategy was structured for the promoters seeking to liquidate the asset and fulfilling the aspirations of the buyers aiming to establish a presence in the bustling metro location,” said two people aware of the deal.
In 2022, JC Flowers Asset Reconstruction has agreed to buy YES Bank's NPAs.
The private sector lender has transferred stressed loans worth Rs 48,000 crore to the ARC under the 15:85 structure for Rs 11,183 crore. “The asset is part of the deal between JC Flowers and YES Bank,” said one of the people quoted above.
Diversified real estate services provider Colliers India facilitated the sale of a boutique hotel in Bangalore.
«It was an intricate deal with several complexities considering the involvement of Asset Reconstruction Company and Banker along with Seller and Buyer, our team with an in-depth understanding of issues could navigate and get to successful closure”, said Piyush Gupta, Managing Director, Capital Markets & Investment Services, Colliers India.
The Hospitality sector in India has demonstrated promising potential and is headed towards exponential growth with increasing tourism, business travels, and appetite for a better lifestyle. “As residential, office, and industrial sectors continue to attract capital, the share of
