Hansoge Enterprises has completed the sale of a boutique hotel asset in Bengaluru, India, to an ultra-high-net-worth individual.  

The Rs1.5bn ($18.01m) deal involves a midscale property with 175 rooms, located near the Bengaluru International Airport in Karnataka. 

The hotel, which spans more than 150,000ft², is expected to be fully operational by the end of this year.

The asset was previously held by JC Flowers, an asset reconstruction company (ARC), as well as other parties. 

In 2022, JC Flowers Asset Reconstruction acquired non-performing assets (NPAs) from Yes Bank.  

The private sector lender transferred stressed loans amounting to Rs480bn to ARC, following a 15:85 structure, for a consideration of Rs111.83bn. 

Two individuals familiar with the transaction said: “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.” 

Diversified real estate services provider Colliers India facilitated the transaction.  

Colliers India capital markets and investment services managing director Piyush Gupta said: “Our team with an in-depth understanding of issues could navigate and get to successful closure.” 

This deal comes after the Indian state of Karnataka saw the opening of Planetree The Fern Resort & Spa in October last year. 

The Chikmagalur-based resort boasts 70 rooms featuring a range of amenities.