Indian hotel ownership and asset management platform SAMHI Hotels has finalised the acquisition of Innmar Tourism and Hotels, expanding its footprint in the city of Bengaluru.

The deal includes an operational hotel with 142 rooms in Whitefield, a significant commercial hub in the city.

Valued at Rs2.05bn ($246m), this transaction paves the way for SAMHI to potentially add another 200-220 rooms to the complex.

It is being financed through SAMHI's internal accruals, making Innmar Tourism and Hotels a fully-owned subsidiary of SAMHI.

This move bolsters SAMHI's presence in Bengaluru, which is not only India's largest but also its fastest-growing office market.

SAMHI's existing portfolio in the city includes six hotels with a total of 918 rooms across various segments.

This deal results in the immediate addition of 142 rooms, with the prospect of another 200-220 rooms. The management of these two hotels, catering to upper upscale and upscale segments, are presently being finalised with a large international operator.

This acquisition represents SAMHI's second "twin hotel complex" in Bengaluru, following the Courtyard by Marriott & Fairfield by Marriott in the city's Outer Ring Road.

SAMHI chairman and managing director Ashish Jakhanwala stated: "This transaction aligns with our growth strategy, which focuses on turnaround opportunities in large office and aviation markets. We are confident that with the planned rebranding of the existing hotel and its repositioning in the upscale segment and addition of a second hotel in the upper-upscale segment within the same complex, we would add tremendous value for our Company."

Meanwhile, SAMHI made headlines in July 2024, for entering management agreements with Marriott to rebrand two of its properties.