Shree Naman Group Acquires JW Marriott Bengaluru, Crowne Plaza Pune
The Indian hospitality firm completed an Rs18bn transaction, expanding its operational footprint to approximately 1,000 rooms across five properties in three cities.
Major Hotel Acquisitions Concluded
Indian hospitality operator Shree Naman Group has finalised the purchase of JW Marriott Bengaluru and Crowne Plaza Pune, concluding an Rs18bn ($189.2m) transaction. The National Company Law Tribunal formally sanctioned the deal in September. The acquisition saw Rs16.11bn allocated for JW Marriott Bengaluru and Rs1.89bn for Crowne Plaza Pune.
This strategic move extends Shree Naman Group's operational presence beyond its existing Mumbai holdings, marking a significant expansion in India's hotel market.
Portfolio Growth and Expansion Strategy
With these new additions, Shree Naman Group’s operating inventory now totals approximately 1,000 rooms across five properties situated in three Indian cities. The newly acquired hotels join the group's three existing Mumbai properties: Sofitel Mumbai BKC, Lemon Tree Hotel, Kalina BKC, and ibis Mumbai BKC.
The company has set an ambitious target to build an operating portfolio of at least 2,500 rooms within the next five years. To achieve this, the group is pursuing a dual growth model, combining buyouts of existing hotels in the secondary market with greenfield construction on its current land holdings and mixed-use developments, primarily concentrated in Mumbai.
New Developments and Property Upgrades
Shree Naman Group's active project pipeline already includes an additional 650 to 700 rooms across three developments. These comprise a new site in Goa, a resort located near Pavana Lake, and an extension planned for the Sofitel Mumbai BKC. For the recently acquired JW Marriott Bengaluru and Crowne Plaza Pune, the new owner intends to implement operational upgrades.
These enhancements are slated for guest accommodation, dining outlets, event spaces, and wellness facilities at both locations. JW Marriott Bengaluru is situated in the central business district near UB City, while Crowne Plaza Pune City Centre is on Bund Garden Road, adjacent to key business zones and transit hubs.
Outlook for India's Hospitality Sector
Harsh J Shah, Director of Shree Naman Group, stated that this acquisition represents an important step towards building a pan-India portfolio of world-class hospitality assets, complementing the group's existing Mumbai hotels and ongoing developments.
Over the coming years, the group aims to enhance both acquired properties to strengthen their appeal to both business and leisure travellers. This expansion strategy by Shree Naman Group shows continued investor confidence in India's hospitality sector, particularly in key urban centres like Bengaluru and Pune.
Travellers to these cities can anticipate potential improvements in hotel facilities and services as the group rolls out its upgrade plans.
Get The Post.
The global travel stories that matter, three mornings a week. Free.
