JLL closes sale of upscale Ahmedabad hotel

Leading real estate investment and advisory firm, JLL on Wednesday announced completion of their mandate for sale of a 156 keys upscale hotel at Ahmedabad.

Located on the SG Highway, the Ganesh Meridian Hotel has been acquired by Caspia Hotels, a fully-owned subsidiary of SAMHI Hotels Pvt Ltd. Caspia Hotels is set to rebrand the property with an international upscale brand shortly. According to JLL, the hotel was owned and operated by city-based real estate developer Shree Siddhi Group.

"We are delighted to have been exclusive advisors to this significant hospitality transaction, and to be a part of the hospitality M&A space which has seen more deals taking place in the current year than in any single year over the last six to seven years. This augurs well for the industry that has witnessed a severe slow- down, and confirms renewed investor interest in hospitality-related investments," said Mandeep Lamba, Managing Director - India, Hotels & Hospitality Group, JLL.

Meanwhile, talking about the development, Shobhit Agarwal, Managing Director - Capital Markets, JLL India said that, given the current year's performance, the market for hospitality investments is showing reasonable appetite for growth.