Prestige Hotel Ventures Files DRHP with SEBI

Prestige Hotel Ventures Limited, a hospitality asset owner and developer focused on luxury, upper upscale and upper midscale hospitality assets in India for both business and leisure travellers, has filed its Draft Red Herring Prospectus (“DRHP”) with market regulator Securities and Exchange Board of India (“SEBI”).

The IPO comprises of a fresh issue of equity shares of face value of ₹5 each aggregating up to ₹ 1700Crores and an offer for sale of equity shares of face value of ₹ 5 each aggregating up to ₹ 1000 Crores. The offer for sale comprises of equity shares of face value of ₹ 5 each by Prestige Estates Projects Limited (Promoter Selling Shareholder).

Prestige Hotel Ventures Limitedproposes to utilise from the Net Proceeds an estimated amount of ₹ 1121.276 Crores towards full or partial repayment or pre-payment of borrowings amounting to Rs 397.248 Crores availed by the Company and Material Subsidiaries, namely, Sai Chakra Hotels Private Limited and Northland Holding Company Private Limited, through investment in such subsidiaries amounting to Rs 724.028 Crores. The company also proposes to utilise fund from the Net Proceeds towards pursuing inorganic growth through unidentified acquisitions and other strategic initiatives and general corporate purposes

Prestige Hotel Ventures Limited is a hospitality asset owner and developer focused on luxury, upper upscale and upper midscale hospitality assets in India for both business and leisure travellers. The company is a part of the Prestige Group and Promoter, Prestige Estates Projects Limited has 38 years of experience in real estate development and has a market cap of ₹729.66 billion as of December 31, 2024.

As of December 31, 2024, the portfolio includes seven operating hospitality assets with 1,445 keys which include1,255 operating keys andone hospitality asset which is currently under renovation with 190 keys. In addition, the portfolio includes three ongoing hospitality assets with 951 expected keys covering 1.88 million sq. ft. developable areaand nine upcoming hospitality assets with 1,558 expected keys2.64 million sq. ft. developable area. As of December 31, 2024, the portfolio (comprising operating, ongoing and upcoming hospitality assets) has the largest number of keys among the major private hotel assets owners or developers in South India.

The company increased the operating keys at a CAGR of 6.89% between FY22 and the nine months ended December 31, 2024. The portfolio is spread across major metro cities and urban centres in India such as Bengaluru in Karnataka, Delhi-NCR, Mumbai in Maharashtra, Goa, Hyderabad in Telangana and Chennai in Tamil Nadu.The company has a track record of hospitality assets in strategic locations in India, i.e., close to airports, office locations and tourism hotspots. The company aims to identify and address market gaps, thereby providing offerings that enhance the portfolio diversification. The Portfolio includes convention centre hotels, business hotels, extended stay service residences and golf resorts.

The company has operating arrangements with various brands owned by Marriott International, including St. Regis, Edition Hotels, Resorts & Suites, W Hotels, JW Marriott Hotels & Suites, Marriott Marquis Hotels, Marriott Hotels, Sheraton Hotels & Resorts, Autograph Collection Hotels, Tribute Portfolio Hotels & Resorts, Moxy Hotels, Aloft Hotels and Marriott Executive Apartments (under renovation), and other global brands namely, Conrad by Hilton Worldwide as well as Angsana Resorts & Spa by Banyan Group.The company has the highest number of keys under operating and pipeline hospitality assets in the Marriott managed portfolio, aggregating to 9% of the Marriott managed portfolio.

The revenue from sale of hospitality services increased to ₹662.681 crores in the nine months ended December 31, 2024 from ₹560.343 crores in the nine months ended December 31, 2023. Further, the revenue from sale of hospitality services increased to ₹795.695 crores in FY24 from ₹636.169 crores in FY23 and ₹191.715 crores in FY22, reflecting a CAGR of 103.73% between FY22 and FY24.

JM Financial Limited, CLSA India Private Limited, J.P. Morgan India Private Limited and Kotak Mahindra Capital Company Limited are the sole Book Running Lead Managers to the issue.

 

Comments

Post a Comment

Popular posts from this blog

31st TANKER Annual Charity and Awards Nite 2024

Image
TANKER Foundation celebrated its 31st Annual Charity and Awards Nite on Thursday, 25th January 2024 at Hotel Savera, RK Salai, Chennai. The event was a live streaming programme. The programme began with The Mr. Venkatesan & Mrs. Malathi Venkatesan TANKER Foundation Memorial Lecture which was delivered by Ms. Shanthi Rajmohan, a brave warrior and a person who is on CAPD for a long term (20+ years). Ms. Shanthi Rajmohan shared her experiences and several heart-warming stories about her life   and her uphill struggle with her health. She has been on CAPD (Continuous Ambulatory Peritoneal Dialysis) for over 20 years. Dr. Georgi Abraham, Founder Trustee, TANKER Foundation welcomed the gathering and said that the incidence of kidney disease was on the increase and that more awareness had to be created about this terrible disease. He also was grateful to the sponsors for supporting the awards for research in nephrology and dedicated service of doctors. The Awards nite was a fun...
Read more

INAUGURATION OF A NEW HAEMODIALYSIS MACHINE FOR THE REKHA MEMORIAL RENNY ABRAHAM AMBATTUR ROTARY TANKER DIALYSIS UNIT

Image
  17 th  February 2024    TANKER Foundation runs 14 dialysis units, 11 in Chennai and one each in Madurai, Vellore and Tiruppur.  The Ambattur dialysis unit is supported by the Ambattur Rotary Club and Hospital, the CMCHIS and many valuable donors.    M/s. Kotak Mahindra Life Insurance Company Ltd have donated 1 dialysis machine and 3 defibrillators. The machine was inaugurated by   Mr. Clement Williams, Senior Vice President- FIG   and  Mr. Pawan Soni ,Chief Manager - CSR   . Mr Williams said that he had first hand experience with kidney disease and was very appreciative of the TANKER Team work. Mr Soni said that they were happy to be associated with TANKER and hoped to do more. T his generous donation will benefit all our underprivileged patients.   Mrs Latha Kumaraswami, Managing Trustee of TANKER Foundation said that every donation was precious and  conveyed TANKER's grateful thanks to   M...
Read more

CME on Kidney Health for All

Image
The key takeaways for people at the CME programme held Sunday November 26, 2023, with the theme ‘Kidney Health for All’ were exercise and diet, awareness, screening and timely check-ups to prevent chronic kidney disease (CKD).   Participating as the Chief Guest, Tamil Nadu Health Secretary, Mr. Gagandeep Singh Bedi, IAS, laid stress on the fact that kidney disease was increasing and there was a need for addressing the issue. He drew attention to the fact that the Tamil Nadu government scheme, ‘Makkalai Thedi Maruthuvam’, (Taking Healthcare to People), checked 1 crore people for sugar and BP and the number of new cases was alarming. These are the two major reasons for kidney disease, diabetes and hypertension and so he advised eating the right kind of food, doing regular exercise and creating awareness and screening. He praised the work of Good Samaritans like TANKER Foundation, Kidney Warriors, MOHAN Foundation and Nephroplus who were involved in raising awareness on kidney health....
Read more