The development of the upper upscale hotel will involve the conversion of an existing office building. Credit: Media Whale Stock / Shutterstock.

SAMHI Hotels, a branded hotel ownership and asset management platform in India, has entered a long-term variable lease for an upper upscale hotel in Hyderabad.

Featuring 170 to 175 rooms, the hotel will be completed through the conversion of an existing office building located on the main arterial road of Hitec City.

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SAMHI Hotels will now look after the fit-out work while an international operator will manage the hotel.

SAMHI Hotels chairman and managing director Ashish Jakhanwala said: “I am delighted to announce the signing of a long-term variable lease in Hitec City, Hyderabad. This transaction aligns with our stated strategy of increasing the share of long-term leases for better capital efficiency and higher risk-adjusted returns.

“We are also proud to have executed one of the first office building conversions to a hotel, which opens up a new avenue for our growth. With a quick conversion of this building to an upper upscale hotel, we have secured strong growth for our portfolio.”

According to the financial results for the fiscal year 2024, income from leased properties accounted for 13% of SAMHI’s overall revenue.

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This deal is anticipated to assist the company in reaching its goal of deriving over 20% of its revenue from leased properties, which are considerably more capital-efficient.

Additionally, the new hotel will enhance SAMHI Hotels’ proportion of upper upscale and upscale properties in a crucial market.

Last month, SAMHI Hotels finalised the acquisition of Innmar Tourism and Hotels expanding its presence in Bengaluru. This acquisition involves a 142-room hotel in Whitefield.

In July 2024, SAMHI Hotels entered management agreements with Marriott. The agreement involves the rebranding of its two establishments.