Mumbai-based Shree Naman Group has won bids for two Advantage Raheja Group hotels, JW Marriott Bengaluru and Crowne Plaza Pune, at a combined price of ₹1,800 crore. The acquisitions followed a six-month bidding process under the insolvency resolution mechanism and will expand Shree Naman's portfolio once regulatory approvals are obtained, according to livemint.com.
The bidding process concluded with Shree Naman Group emerging as the successful bidder for these two key properties in major business markets. The group, which already owns the luxury Sofitel Mumbai BKC and midscale properties, participated in the insolvency resolution proceedings initiated against the Raheja Group hotels. The deal marks a strategic acquisition for Shree Naman, aiming to strengthen its presence in the hospitality sector, livemint.com reported.
This acquisition is significant in the Indian hospitality sector, where consolidation is increasing amid market recovery. The addition of JW Marriott Bengaluru and Crowne Plaza Pune enhances Shree Naman Group’s footprint in premium and business hotel segments. Comparable deals in the sector have shown that such acquisitions can accelerate growth and operational scale for hotel operators, especially in key urban centers like Bengaluru and Pune, according to livemint.com.
The transaction is subject to necessary clearances before the hotels become operational under Shree Naman Group’s management. The company’s expanded portfolio will then include these two prominent properties, adding to its existing luxury and midscale offerings. The final approvals and operational transition timelines have not yet been disclosed, per livemint.com.