Goldman Sachs picks up stake in SAMHI Hotels for Rs 441 cr

Hotel investment and development firm SAMHI Hotels today said global investment bank Goldman Sachs has invested Rs 441 crore in it for an undisclosed stake.
The Gurgaon-based firm, which specialises in development, acquisition and ownership of branded hotels, said the fund would be used for expansion of footprint through acquisitions across India.
SAMHI Hotels Founder & CEO Ashish Jakhanwala said: "This investment from Goldman Sachs, an experienced investor in India, will accelerate our firm's platform across the country and catalyse further acquisition-led growth."
Goldman Sachs India Chairman Sonjoy Chatterjee said: "This investment is consistent with our strategy to invest in sectors and infrastructure that assist in the continued growth and development of India."

He said on the back of reform momentum, India is witnessing a steady recovery in economic activity driven by domestic demand.
"We anticipate this to lead to an upturn in the hotel sector," Chatterjee added.

Established in 2011, SAMHI Hotels owns 16 properties operating under brands that include Courtyard by Marriott, Hyatt Place, Fairfield by Marriott, Four Points by Sheraton and Formule1 as of December 2015.
The company said another 10 hotels are under advance stages of development and are due to open in the next 12 to 18 months, which will equal a collective nationwide footprint of 26 hotels with 3,900 rooms under five brands in 12 cities.

Goldman Sachs is an active investor in India, where the firm has deployed more than USD 2.5 billion since 2006.